UK: Dominvs, a real estate platform with assets under management of more than £1 billion, and real estate financing firm Cheyne Capital have completed two senior loans worth approximately £400 million to provide development finance for two PBSA developments in the City of London.
The first facility will support a development in Holborn, close to universities such as London School of Economics [LSE], King’s College London and Queen Mary University of London.
Once completed, the project will feature workspaces for creative businesses that will be leased for free by the Creative Land Trust. A viaduct connecting Holborn Viaduct and Snow Hill, as well as a free public access roof terrace, will also be provided.
The 669-bed development will allocate 35 per cent for affordable accommodation, while 64 rooms will be marked as wheelchair accessible.
The second loan will fund a project in the heart of the City of London, at 65 Crutched Friars between Aldgate and Tower Hill. The development will consist of just under 800 beds, 35 per cent of which will be allocated to affordable accommdation.
The space will also feature the Migration Museum, a three-floor, 30,000 sq ft, free-to-enter space.
Dominvs will develop and operate the schemes, which have a combined gross development value [GDV] of roughly £800 million.
Arron Taggart, head of UK investment at Cheyne Capital, said: “We are pleased to be partnering with Dominvs to deliver two developments in the heart of central London which will not only provide a first-class experience for students, but also stand to deliver benefits to the wider community.”
