UK: Puma Property Finance has provided Vita Group with a £43 million development facility for a new-build PBSA asset in Newcastle.
The 260-bed city centre scheme will be built on the site of a furniture warehouse, which will be demolished so construction can begin. Completion is being targeted in time for the 2026/27 academic year.
The scheme will include a gym, bookable private dining, landscaped gardens, study rooms and basketball court.
The asset will be Vita’s third PBSA site in Newcastle, and also the third that it has partnered with Puma on – the lender has previously funded student schemes for the developer in Belfast and Edinburgh.
Max Bielby, chief operating officer at Vita Group, added: “This development in Newcastle marks our third in the city and we are delighted to be continuing to provide incoming students with high-class accommodation and facilities. We are looking forward to seeing this development come to life over the coming months in partnership with Puma.”
Paul Murphy, senior manager at Puma Property Finance, said: “We are delighted to be partnering once again with Vita Group on this Newcastle development where there is a real need for their best-in-class student schemes. Having facilitated close to £100m to Vita across this site and the one in Edinburgh over recent months demonstrates our commitment to the sector and our desire to work with industry leaders like Vita. We are also pleased to be strengthening our presence in the North where we see considerable opportunity.”
