Q Investment Partners (QIP), a Singapore-based private equity real estate firm has announced a £23 mln (€26 mln) refinancing deal on 'Straits Village', its 300-bed UK Purpose-Built Student Accommodation (PBSA) complex in Nottingham, UK.
The loan, which was provided by Invesco, is secured against the Straits Village purpose-built student accommodation located close to the city centre and the University of Nottingham. The 8-storey development at 123 Huntingdon Street is managed by Prestige Student Living, and has already recording a 74% lettings rate, with still six months to go.
‘The transaction reflects a key milestone in our overall PBSA strategy of creating a stabilised portfolio with defensive recurring income,’ said Abhinav Swamy, head of Investment at QIP. ‘In Invesco, we have a lending partner that shares our conviction in the sector’s long-term fundamentals and favourable outlook. Having a refinance take place during Covid-19, provides further evidence of the sector’s resilience and the strong underlying asset fundamentals in Nottingham, which is part of an exceptional portfolio we own and manage.’
Andrew Gordon, head of European Real Estate Debt at Invesco Real Estate said ‘Invesco is delighted to have completed this financing. Straits Village is a premium product in one of the strongest UK PBSA markets. It reflects our belief in the UK PBSA market as a whole and also our desire to finance only the right assets in the right locations. We continue to see good opportunities in the UK and across Europe, and we look forward to working with both QIP and Prestige Student Living again in the future.’
Conduit Real Estate, acted as the exclusive debt advisor to QIP on the transaction.
QIP currently owns and manages around 1,000 student beds in the UK, across Edinburgh, Nottingham, Sheffield and Greater London.
