UK: Bank of London and The Middle East has provided £23.1 million of development finance for investment manager Urbium Capital’s Arcadian PBSA project in Nottingham.
Urbium acquired the 293-bed PBSA scheme from Metropolitan & District Securities in February. It was its first acquisition for its Living Portfolio.
The asset is under development, and will be operated by EVO Student, the latest brand launched by Homes for Students, the PBSA provider. It will be open to residents from September 2024.
Urbium Capital investment director Iain McKillop said: “Launching the Arcadian on EVO Student is a commitment to developing the future of student housing. This lifestyle-led approach to real estate in UK student accommodation puts student wellbeing at the very heart of our offering and elevates the standards of service to our residents.”
Homes for Students managing director Kate Forester said: “We’ve been hugely impressed by Urbium Capital’s vision for the Arcadian building located in the heart of Nottingham. Arcadian is the perfect fit to become the first property within the EVO Student portfolio and more importantly to feature the revolutionary Elevated experiential programme developed exclusively for EVO Student resident.”
