UK real estate investor and lender Octopus Real Estate has provided a loan to facilitate the purchase of land for a new PBSA development in London.
The loan has been made available to student accommodation provider Alumrose, a joint venture between Melrose Capital and Alumno Group,
A new PBSA scheme will be developed in Elephant and Castle, offering 244 beds, including 206 studios and 38 two-bedroom apartments.
James Nunn, Octopus Real Estate, said: ‘We specialise in finance for transitional assets: as a non-bank lender we can tailor each loan to the requirements of the borrower. At Octopus Real Estate we’re committed to funding the delivery of quality accommodation, and we’re pleased to play a role in increasing the supply of student accommodation in the capital.’
David Campbell, Alumno, added: ‘We are extremely excited about this project due to its zone 1 location and close proximity to various university campuses. We are grateful to Octopus Real Estate for helping us progress and develop high quality purpose-built accommodation for hundreds of students, at a time when securing living space in the capital is harder than ever.’
With easy access to seven London universities within a 20-minute commute, the project aims to address the growing demand for student housing in London, where supply struggles to keep pace with student population.
Octopus Real Estate is part of Octopus Investments, a specialist real estate investor, with over £3.7 bn (€4.3 bn) in real estate assets and secured lending.
