Eldridge Real Estate Credit has provided £200m (€241.8m) worth of debt facilities to Vita Group for the development and construction of a 1,068-unit UK purpose-built student accommodation scheme.
Eldridge has provided the loan for the 48-storey development in Canary Wharf, London, its eighth financing deal with Vita Group.
John Cole, global head of real estate credit at Eldridge Capital Management, said: “Our continued partnership with Vita Group represents an important step in tackling the pressing need for purpose-built student housing, while also supporting the transformation of Canary Wharf into a vibrant residential area.
“As the UK’s largest student market, with 42% of its population coming from overseas, London faces a significant shortage of high-quality accommodation. This development will help address that gap, providing a first-class living experience in one of the world’s foremost education hubs.”
Ioannis Verdelis, CIO of Vita Group, said: “With its prime location in Canary Wharf and an unmet demand for student accommodation, this project represents an exciting opportunity to introduce Vita’s exceptional living experience to a new market.
“Our focus on creating vibrant communities, supported by high-specification amenities and services, ensures that students thrive both academically and personally,”
Tide Construction, the developer and contractor, expects to complete construction in September 2028, representing their second project with Vita Group.
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