6 April 2017
Reporter: Theo Andrew

Investec puts up £47.7 million for London student development

Investec Structured Property Finance has provided £47.7 million over two years, to finance a student accommodation scheme in Walthamstow, London.

The senior debt loan to Curlew Student Trust (CST) will help develop a 527-bed Grade-A purpose built student accommodation building.

Mannequin House, adjacent to Blackhorse Road underground and overground stations, will be accessible from central London within 20 minutes.

The development, forward funded by CST, is scheduled to be completed in July of this year and open in time for the 2017/18 academic year.

Mark Bladon, property lender at Investec, said: “The student accommodation sector remains one of the most attractive asset classes for investors, as the UK faces an ongoing supply-demand imbalance in certain sub-markets.”

“London in particular, where we are building a track record of providing bespoke debt facilities for leading developers, on competitive terms, will continue to see a requirement for brand-new purpose-built space, as the global leader in the provision of quality higher-education.”

London has 4.19 students per purpose-built bedspace, according to Student Market Analysis and a JLL market report.

Bladon added: “This facility, which straddles both the development phase and an investment period, allows us to commit to the scheme as it becomes income generating and we look forward to working alongside one of the sector’s most successful and respected investors.”

Brett Robinson, director at Curlew Capital, said: “Student accommodation continues to deliver market leading returns and Curlew is pleased to have arranged finance with a credible lender that is experienced in this sector and who we look forward to building a lasting relationship with during this project.”

“Development of the scheme is ahead of schedule with the marketing suite open for potential tenants to view. We are seeing good interest from universities keen to secure what we believe will be an exemplar scheme for their students.”

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