CA Ventures has secured a £64 million ($78 million) loan from Investec Structured Property Finance to develop three developments comprised of 888 purpose-built student accommodation (PBSA) units in England’s university cities of Glasgow, Edinburgh and Sheffield.
Investec has financed more than £650 million ($798 million) for 16,000 accommodations in 41 schemes. The loan is Investec’s largest PBSA loan to date.
The developments are made up of a mix of studios and en-suite clusters, featuring state-of-the-art amenity space, premium fit out and elevated, concierge-style service levels. They are slated for completion at the beginning of the 2020/2021 academic year.
The Glasgow scheme is adjacent to the University of Strathclyde and will provide 422 units upon completion. It is located within a five-minute walk from Glasgow Caledonian University and two miles from the University of Glasgow.
The Edinburgh scheme will consist of 216 rooms and is close to Edinburgh Napier University and the University of Edinburgh, as well as a 10-minute walk from Haymarket train station.
In addition, the 250-bed Sheffield development will be located less than 400 meters (1,312 feet) from Sheffield University Campus.
CA Ventures has delivered almost 50,000 beds of student accommodation across 40 major university markets since 2008, making it the third-largest student housing developer and 10th-largest student housing owner in the United States.
Last week, the firm’s student housing investment and development arm announced that it has plans to open six student housing communities this fall, valued at $550 million. The properties will offer 3,000 beds and be located in Florida, Indiana, Illinois, Iowa, Ohio and Pennsylvania.
The firm is looking to establish a foothold into the U.K. market.
