UK: Study Inn Group, an owner, developer and operator of PBSA assets, has refinanced its second portfolio with facilities totalling £161 million.
The Study Inn platform was set up to design and develop PBSA portfolios in key cities. Once operational, the assets are stabilised under the Study Inn brand before being sold into the investment market, with or without ongoing branding and management.
Following the sale of Study Inn’s first £135 million portfolio to Arlington Advisors in 2017, the group has created its second tranche of completed assets in Bristol, Loughborough, Nottingham, and Exeter, with further developments currently on site in Leicester, Nottingham, and Leeds.
Study Inn Group finance director Marcus Hook, said: “The refinance of development assets once they are complete and operational is a key step in consolidating the portfolio. This allows us to bring our completed sites into one facility with lower debt service costs, scale up to a level which can accommodate a significant number of additional rooms, and maximise our return on capital.”
Lisa Attenborough, head of debt advisory at Knight Frank, said: “We are delighted to have advised our client Study Inn Group on the refinance of their market-leading, purpose-built operational assets located in Bristol, Loughborough, Nottingham and Exeter. The student accommodation sector remains attractive to a range of capital providers and this particular portfolio is a perfect demonstration of one which has maintained impressive occupancy levels throughout the pandemic.”
Study Inn were advised by Knight Frank Capital Advisory, Gateley Legal, Cooper Parry, CBRE and Chatham Financial.
