Privately held real estate investment firm Cain International (Cain) has agreed a £53 mln (€61 mln) loan with Vita Group to finance the development of a 496-bed student accommodation scheme located in Coventry, UK.
PGIM Real Estate will be providing the junior debt facility.
This loan marks the third time that Cain has worked with Vita Group on a purpose-built student accommodation (PBSA) asset development. Since first partnering with Vita in 2020, Cain has provided over £170 mln to the group following the agreement of an £80 mln loan for a 780-bed scheme near the University of Warwick and a £40.3 mln loan to finance the development of a 401-bed student accommodation scheme located in Cardiff, Wales
Expected to complete in 2023, the 496-bed scheme has achieved full planning permission and will include a gym, cinema, study rooms, gaming stations and a large social hub for holding events.
Vita Group is the developer and operator of Vita Student and Vita Living. It has established and grown the Vita Student brand to develop and operate 6,391 student beds in the UK, as of April 2021.
Construction is being delivered by Bowmer & Kirkland.
Graham Keable, principal at Cain International, said: ‘We have built an increasingly strong relationship with Vita Group since we first partnered with them in 2020, and this most recent development loan is a sign of both our confidence in them as a sponsor and operator in PBSA, but also our long-term belief in the asset class.’
