UK: Global Student Accommodation (GSA) has secured a £110 million loan from NatWest to develop PBSA schemes in London and Bristol.
The loan will be used to fund the Unity Street and Print Hall schemes in Bristol, and The Curve in Aldgate East, London.
Unity Street and Print Hall are two separate buildings next to each other on the outskirts of Bristol city centre. Print Hall comprises 267 rooms and Unity Street has 226. Both are under nominations agreement with the University of Bristol. The 350-room Curve is under a nominations agreement with Northeastern University London.
Heather McKenzie, debt capital manager at GSA, said: “We are delighted to continue supporting GSA with its investments into best-in-class PBSA assets across core markets in the UK. The PBSA sector remains a key growth market of our core real estate strategy, which continues to see high volumes of investment.”
Eirini Kalamara, relationship director of residential development at NatWest, said: “As a bank, we remain committed to supporting the student residential market and we are proud to be supporting corporates such as GSA, who are providing high quality housing in cities where supply remains challenged. The PBSA sector continues to demonstrate its resilience, underpinned by strong demand and opportunities to supply high standard accommodation. These fundamentals are recognised by NatWest, which we have an existing relationship with, and we look forward to deepening this partnership.”
GSA is active across nine countries, with assets in 70 of the world’s leading educational cities. It manages US$6 billion of AUM and has flagship offices in New York and London. GSA is part of The Dot Group, founded by Nicholas Porter, a pioneer in global student living with more than 30 years of experience.
