BlackRock Real Estate has completed a forward funding agreement to build a 239-bed student residence in Leeds.
The accommodation on Cavendish Street is due to be finished in August 2017 and will include a cinema space, music room, gym, cycle storage, a laundry room and parking. The purchase price was not disclosed.
It marks the second acquisition of a UK student housing development in 2016 for BlackRock’s value-add strategy, following the purchase in March of a site in Sheffield with planning consent for a 535-bed accommodation facility.
Leeds is the UK’s fifth largest student town, with a student population of 51,000.
Tom Fleming, of BlackRock’s European real estate business, said: ‘The Cavendish Street development benefits from a premium location in a Russell Group University town and will have a high quality specification that differentiates it from its competition. By entering into a forward funding agreement, we have secured the scheme at an agreed specification for a fixed price.’
