Investec Structured Property Finance is funding CA Ventures’ first UK student accommodation development with a £64m (€72m) loan.
The financing, Investec’s largest purpose-built student accommodation (PBSA) loan to date, will enable the North American investor to fund the development of 888 PBSA beds in the established university cities of Glasgow, Edinburgh and Sheffield.
The three developments are due to practically complete for the start of the 2020/2021 academic year.
Shivani Goolab, at Investec Structured Property Finance, said: “We are very excited to be working alongside a leading student living provider with an enviable track record in the US, as it looks to break into the UK market.
“We believe that our experience funding a range of market-leading developers across 41 schemes positions us to play a valuable role in supporting CA Ventures’ overseas expansion strategy.”
Carlo Matta at CA Ventures, said: “It has been a pleasure working with the team at Investec, a lender that has demonstrated an intimate knowledge of the UK’s PBSA landscape.
“This is the start of what we hope will be a long and fruitful relationship, as we look to leverage our near 15 year track record of developing and operating high-quality student accommodation portfolios in the USA in establishing our footprint in the UK; a market which is home to a high number of world-leading universities.”