:
UK: Maslow Capital has provided a £238 million development finance facility to a joint venture between Arada London and the Shaw Corporation for a purpose-built student accommodation scheme (PBSA) on the Old Kent Road.
The 941-bed PBSA Devonshire Place scheme will feature two blocks of 20 to 34 storeys on a brownfield site. It will offer cluster bedrooms, studios and premium studios, including 109 accessible rooms, in addition to 200 affordable homes, acquired by L&G’s Affordable Homes division, which will be delivered in two further blocks.
The scheme will also feature ground floor commercial, community and public space, with amenities including a student library, private and group study rooms, a gym, a screening room, private dining space, lounge areas and laundry facilities.
Arada London’s in-house construction arm will act as main contractor with completion targeted in time for the 2029/30 academic year.
James Henry, senior director, origination at Maslow Capital, said: “This scheme combines a well-connected location with a sponsor that has a strong record of delivering complex projects in the capital. Having worked with Arada London previously, and supported this site through its earlier financing stage, we have developed a detailed understanding of both the project and the team behind it. That continuity has enabled us to structure a facility that supports the next phase of delivery. Pairing high quality student accommodation with a substantial affordable housing component also makes this an important development for the wider Southwark area.”
Marc Eden, investment director at Arada London, added: “Devonshire Place will bring 941 high quality student bedrooms and 200 affordable homes to the Old Kent Road alongside new public realm and community space for the neighbourhood, close to the proposed Bakerloo Line extension. Maslow has provided important continuity of funding, helping us maintain momentum. This is the second student scheme we have delivered with Maslow, following Chalk Farm, and forms part of Arada London’s 4,500 PBSA London portfolio. We value working with a lender that understands our development ambitions and can provide the flexibility and long-term partnership needed to deliver landmark developments.”
Highlights:
- Maslow Capital has provided a £238 million development finance facility to a joint venture between Arada London and the Shaw Corporation for a purpose-built student accommodation scheme (PBSA) on the Old Kent Road
- The 941-bed PBSA Devonshire Place scheme will feature two blocks of 20 to 34 storeys on a brownfield site. It will offer cluster bedrooms, studios and premium studios, including 109 accessible rooms, in addition to 200 affordable homes, acquired by L&G’s Affordable Homes division, which will be delivered in two further blocks
- Arada London’s in-house construction arm will act as main contractor with completion targeted in time for the 2029/30 academic year.
