Cornerstone Real Estate Advisers Europe has provided a £124 mln (€148 mln) senior loan for UK student digs operator Unite.
Cornerstone Real Estate Advisers Europe has provided a £124 mln (€148 mln) senior loan for UK student digs operator Unite.
The 10-year term, at 50% loan to value, is secured against student accommodation in London, Bristol, Sheffield and Coventry. Unite Group is the UK’s largest developer of student properties.
The loan is part of a 'strategy to diversify sources of funds, extend loan maturities and reduce the cost of debt', said Unite Group's CFO, Joe Lister.
The main asset is Unite's Moonraker site in Southwark, London, a student accommodation block of 674 beds occupied under a 20 year agreement with Kings College London.
Cornerstone has been extending its €20 bn US real estate lending platform into Europe, with £305 mln of senior debt invested in the UK over the last quarter.
