Privately held real estate investment firm Cain International has agreed a £40.3 mln loan with Vita Group to finance the development of a 401-bed student accommodation scheme located in Cardiff, Wales.

Vita scheme in Cardiff

Vita Scheme in Cardiff

The loan marks the second time that Cain has worked with Vita Group on a purpose built student accommodation (PBSA) asset, following the agreement of an £80 mln loan for a 780-bed scheme near the University of Warwick in late 2020.

Located in close proximity to both the University of Cardiff and the city centre of Cardiff, the site was purchased by Vita in 2017 and has since achieved full planning permission for a 401-studio student accommodation scheme including a gym, games and common rooms and retail space.

Graham Keable, principal at Cain International, said: 'Working with partners with whom we have built a track record of trust, collaboration and success is key to how we do business at Cain and we are excited to continue our relationship with Vita as we grow our loan book.

'The PBSA sector has been increasingly attracting attention from institutional investors and we are confident that it will continue to demonstrate resilience in the months and years ahead.'

The University of Cardiff has around 39,000 students, of which 8,400 are international, making it the ninth largest university in the UK by number of students. It is also one of the 24 leading UK universities that form the Russell Group and was ranked within the top 160 universities in the world in 2021.

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 September 2020.