UK student accommodation provider Urbanest has secured a £151m (€179.4m) green loan from Nuveen Real Estate.
Nuveen has provided the senior term facility for the Central London student accommodation developer’s Battersea asset, which comprises 853 beds.
Caroline Pellmann, senior director at Nuveen Real Estate, said: “The ongoing trend of student population growth combined with the structural undersupply of quality PBSA [purpose-built student accommodation] beds, particularly in Central London, continues to attract investor capital into this sector. Despite only opening in September last year, Urbanest Battersea’s occupancy level demonstrates the demand for high-quality, well-located student accommodation in Central London.
“This facility provides an excellent opportunity to add further exposure to a much sought after asset class and we are proud to work alongside such a highly experienced sponsor specialising in the PBSA space.”
Vicky Skinner, CFO at Urbanest, said: “We are delighted to partner with Nuveen Real Estate for the refinancing of our newest asset, Urbanest Battersea.
“The business has pushed sustainability boundaries far beyond anything seen in the UK PBSA sector to date, and we are immensely proud to have created a world-class sustainable student community in London where our student residents, university partners and our team can thrive.”
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