UK student accommodation provider Urbanest has signed a £148 mln (€176 mln) green loan with LaSalle to deliver an 852-bed scheme on Battersea Park Road in London.
One of the first major green loans secured in the sector to date, it will set a new benchmark for sustainable student accommodation in the UK.
Located on the boundary of the Battersea Design and Technology Quarter and adjacent to Battersea Power Station’s new northern line stop, Urbanest Battersea will deliver high quality student accommodation for London’s PBSA market, as well as 65,000 sq ft (6,040 m2) of office space, a business incubator, café, pub and community spaces, together with landscaped public realm in an AHMM designed scheme.
The green loan from LaSalle will be used to secure a BREEAM Outstanding certification for the student development.
An Urbanest spokesperson commented: ‘We are delighted to have signed this green loan with our longstanding partner LaSalle, demonstrating our continued commitment to delivering sustainable student accommodation which meets the needs of modern students. As with all of our schemes, Urbanest Battersea will provide a high-quality living environment to students, promoting choice and fostering student welfare.’
David White, head of LaSalle Real Estate Debt Strategies (LREDS) said: ‘Living sector assets with strong ESG credentials is a key theme for LaSalle. London student housing fundamentals in particular remain resilient, and we welcomed the opportunity to once again work with Urbanest given their experience in the sector, and the quality of the team and their product.’
Urbanest Battersea will be delivered for the academic year commencing September 2024 by Mace as main contractor.
CBRE, WSP, Longevity Partners, Intech, Mount Street, BCLP and Ogier advised LaSalle on the transaction. CMS and Bedell Cristin acted for Urbanest.
