Curlew Capital has completed a new £44 million senior loan with Lloyds Bank Commercial Banking for three purpose built student accommodation (PBSA) projects.
The SONIA-linked facility will fund the development of 550 student beds across three purpose built student accommodation (PBSA) schemes, located in Brighton, Bath and Bermondsey.
The three assets are:
-A 185-bed scheme occupying a prime Zone 2 location in Bermondsey, which is expected to complete for the start of the 2022/23 academic year and is targeting a BREEAM Excellent certification
-A 232-bed scheme on London Road, Brighton, a short walk from the railway station, which is expected to complete this summer and is targeting a BREEAM Excellent certification
-A 138-bed development in Bath, which is expected to complete for the start of the 2022/23 academic year
“This transaction is a key milestone in the delivery of our development pipeline. In Lloyds Bank we have a partner that shares our conviction in the sector’s favourable outlook, and who have a long track record of funding successful student accommodation schemes across the UK. As important, they are also aligned with our commitment to deliver highly sustainable buildings which contribute to the ecosystem of their local community,” said Brett Robinson, CFO at Curlew Capital.
“We are excited to be initiating a lending relationship with Curlew through the financing of three high quality PBSA assets and in doing so to continue our support for the student economy. Whilst the UK PBSA sector has experienced some stress as a direct consequence of the pandemic, the broader investment thesis is still in favour of high-quality stock in markets where there continues to be a demand / supply imbalance. We look forward to working with the management team as they continue to grow its portfolio,” added Sam Shah, Director and Alternative Residential Lead, Lloyds Bank Commercial Banking.
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