UK: Puma Property Finance has provided a PBSA development facility to the Glenmore Group for an asset in Dundee, Scotland.
The £25 million 152-bed development is situated in the heart of Dundee, a few minutes from the city’s two universities and the city centre.
It will be the first new purpose-built student accommodation scheme to come to market in Dundee for more than a decade and comes amid projections of an increase in the number of first-year undergraduate students.
The development will be Puma’s third with Glenmore. Construction has started on site, with completion expected in time for the start of the 2024/5 academic year.
Eliot Kaye, managing director at Puma Property Finance, said: “We are delighted to be working again with our trusted partner, Glenmore, to address the increasing demand for high-quality student accommodation in Dundee which has been historically undersupplied. PBSA is an asset class that we know well, and this development represents our sustained commitment to the sector.
Andrew Whiteley of Glenmore Student Property, added: “Ensuring that students have high-quality living facilities is a crucial challenge that must be addressed if we are to enable those who wish to continue their education to do so. Through our continued work with Puma Property Finance, this PBSA development in Dundee will go some way to addressing the shortage of new build accommodation options in the area. Within walking distance from two universities, it will be well placed to serve student demands.”
