PBSA developer RedOak Property has been granted a £31.3 mln (€37.9 mln) loan by real estate finance provider Maslow Capital to build an 184-bed student housing complex with commercial space in Bristol.
The funding covers previous planning costs for the project at Stokes Croft and Moon Street in Bristol and will enable RedOak to fully fund the ongoing development of the site.
The scheme is located near the University of Bristol and Cabot Circus and will feature amenities such as a green roof, courtyard, study areas, gym, cinema, and bike storage. It is aiming for BREEAM Excellent certification.
Adam Scott-Avis, acquisitions and development director at RedOak Property, said the project addresses the significant shortage of student accommodation in Bristol.
Demand for student housing in Bristol has grown by 8,000 beds since 2018, while only 2,900 new beds have been built, leaving a deficit of around 5,100, highlighting the need for more high-quality student accommodation.
Sky Mapson, senior director, origination at Maslow Capital, commented: ‘Maslow Capital has a long-standing reputation for financing high-quality PBSA developments across Europe. Our extensive experience in this sector allows us to identify and support projects that meet the evolving needs of the student community.
‘We are thrilled to partner with RedOak Property on this Bristol development, which not only addresses the significant demand for premium student accommodation but also aligns with our commitment to fostering growth in key university cities.’
Rachael Gordon, head of deal execution UK & Europe at Maslow Capital, added: ‘Bristol’s vibrant economy and its reputation as a leading university city make it an ideal location for investment in student accommodation. The strong fundamentals of the city, coupled with a significant undersupply of quality housing options, highlight the demand for projects like this. We are pleased to support RedOak Property in delivering a development that not only meets this pressing need but also enhances the urban landscape with its sustainable and innovative design.’
