UK: Lender Leumi UK has provided Patron Capital — in a JV with Curation Capital — with a £9.26 million facility to fund the acquisition and refurbishment of PBSA asset in Manchester.
Ladybarn House, a 117-bed PBSA scheme in Fallowfield, is due to undergo refurbishments to reconfigure the existing rooms and improve student amenities while boosting the building’s ESG credentials.
The funding was completed within a 28-day exchange and completion timetable.
In December 2022 Leumi UK approved and facilitated a £8.29 million acquisition and refurbishment loan with Patron Capital and Curation Capital for another existing PBSA scheme in West Hampstead.
Leumi UK were provided with valuation advice by Savills and construction advice by Gardiner & Theobald, while legals were acted upon by Stephenson Harwood LLP.
Chris Stallard, relationship director at Leumi UK, said: “The JV is a well-known client of Leumi UK, and we’re pleased to have been able to work with the team again to provide a loan facility for this project. With the number of young people attending university steadily increasing, combined with tenants’ greater insistence on environmentally friendly housing, PBSA assets such as Ladybarn House will be instrumental in meeting the growing demand, and ensuring a bright future for both students and universities.”
Keith Breslauer, managing director at Patron Capital, said: “With this deal, we will be looking well into the future, ensuring that students will be able to stay in high-quality, energy-efficient housing for years to come.”
