UK-based student accommodation provider Study Inn Group has secured refinancing for its second portfolio of assets worth £161 mln (€191 mln).
The purpose-built completed assets are in Bristol, Loughborough, Nottingham, and Exeter, with further developments on site in Leicester, Nottingham, and Leeds. The secured pipeline includes other undisclosed locations.
Study Inn Group designs and develops high-quality and well located hotel-style student accommodation in key cities.
After completion, the projects are stabilized at 100% occupancy under the Study Inn brand before being sold, with or without ongoing branding and management.
Study Inn sold its first £135 mln (€160 mln) portfolio (ten Study Inns with 1,494 rooms) in Coventry, Nottingham, Sheffield, and Cambridge to Arlington Advisors in 2017.
Study Inn Group’s finance director, Marcus Hook, commented: ‘The re-finance of development assets once they are complete and operational is a key step in consolidating the portfolio. This allows us to bring our completed sites into one facility with lower debt service costs, scale up to a level which can accommodate a significant number of additional rooms, and maximise our return on capital.’
Lisa Attenborough, head of debt advisory at Knight Frank, said: ‘The student accommodation sector remains attractive to a range of capital providers and this particular portfolio is a perfect demonstration of one which has maintained impressive occupancy levels throughout the pandemic.’
The bespoke accommodation comes with concierge, 24x7 management, room cleaning, and linen services at no additional cost.
Communal facilities include wellness centre, entertainment area, cinema suite and conference/study rooms, with social events and interaction opportunities regularly offered for residents.
The properties feature 24-hour on-site security and a dedicated centre manager.
Study Inn were advised by Knight Frank Capital Advisory, Gateley Legal, Cooper Parry, CBRE and Chatham Financial.
