German lender Aareal Bank has provided a three-year financing of approximately £54 mln (€60 mln) for Scape London Canalside, a dedicated 400+ bed student accommodation facility in London.
The asset is located in Bradwell Street near Queen Mary University, one of London's largest universities. It was built - and is operated - by Scape, a worldwide developer and operator of student accommodation, and opened in September 2019. Scape London Canalside offers modern public areas including a fitness centre, cinema and study rooms as well as lounges.
‘Scape is delighted to be expanding its existing relationship with Aareal Bank and we are very excited to work with Aareal in continuing to bring a first-class student experience to our residents at Scape Canalside. Our thanks to the team at Aareal,’ said Ronan Kierans, director at Scape.
Aareal Bank sees student accommodation as an asset class with a promising future. ‘Aareal Bank is increasingly focusing on financing student accommodation. Having financed various attractive properties around the world already, we are planning to further grow our exposure to this segment,’ added Christof Winkelmann, member of Aareal Bank's management board.
