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UK: Firma Partners has provided a loan to DPK Group for the conversion of the Royal Albert Dock office complex in east London into a purpose-built student accommodation (PBSA) scheme.
The loan will finance the refurbishment of 20 buildings at the riverfront Docklands site which were originally constructed by Brookfield Multiplex for Chinese developer ABP. ABP went in to liquidation in 2022, leaving the scheme vacant.
The conversion will predominantly be internal fit-out works with no structural changes required and is expected to be completed over an 18-month construction programme with practical completion targeted for Q3 2027. The scheme will have a GDV of £300 million.
Victor Librae, chief executive of Firma Partners, said: “Royal Albert Dock is an extremely compelling opportunity that combines a genuine undersupply of student accommodation, a very strong institutional operator and a strategically located waterfront asset with incredible regeneration potential.”
“The conversion of vacant, high-quality office space into modern PBSA is exactly the kind of complex, value-unlocking repositioning project Firma was set up to support. We are delighted to partner with DPK Group on such a placemaking scheme that will make a meaningful contribution to London’s quality student housing supply,” he added.
David Maxwell, founder of DPK Group, said: “Royal Albert Dock is a unique asset with exceptional connectivity and strong potential as a student-led campus environment. Firma Partners understood the complexity and opportunity of this unique project and provided a tailored financing strategy that supports realistic delivery.”
Highlights:
- Firma Partners has provided a loan to DPK Group for the conversion of the Royal Albert Dock office complex in east London into a purpose-built student accommodation (PBSA) scheme.
- The loan will finance the refurbishment of 20 buildings at the riverfront Docklands site which were originally constructed by Brookfield Multiplex for Chinese developer ABP
- ABP went in to liquidation in 2022, leaving the scheme vacant
- The scheme will have a GDV of £300 million and practical completion is expected in Q3 2027
