Kinetic Capital has announced that it has granted a £34 mln (€38 mln) whole loan facility to Cassidy Group to finance a 436-bed purpose-built student accommodation (PBSA) development in Earlsdon, Coventry in the UK.

kinetic

Kinetic

The scheme, on the site of the former Spencer Sports Club, is due to be completed for the start of the 2022/23 academic year.
 
As with all of Kinetic’s loan facilities, the loan is ESG-linked with financial incentives for the borrower to deliver initiatives promoting the positive mental health and wellbeing of student residents.
 
‘We are delighted to establish a new relationship and complete our first loan with Cassidy Group,’ said Steve Grant – Chief Executive Officer, Kinetic Capital. ‘This transaction marks the second since the start of December 2020, underlining our growth ambitions and demonstrating our ability to finance high quality developments with leading sponsors.’