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UK: MRP, the investment and development arm of construction group McAleer & Rushe, has secured a £58 million loan from Puma Property Finance to fund the development of a 432-bed purpose-built student accommodation (PBSA) scheme in Glasgow city centre.
Broadway Studios is being built by McAleer & Rushe, and will be operated by Prestige Student Living when it opens in time for the 2026/27 academic year.
Shane McBride, development director at MRP, said: “Broadway Studios exemplifies MRP’s strategy of delivering high quality, operationally resilient PBSA in undersupplied university cities. Glasgow’s student market continues to face a structural shortage of accommodation, and this development responds directly to that demand with a future-proofed asset underpinned by strong ESG credentials.”
“Our decision to retain and operate the building to stabilisation reflects our confidence in both the long-term fundamentals of the PBSA sector and Glasgow’s position as a world-class education hub. We are delighted to be working with Puma Property Finance on this flagship scheme and look forward to building on this partnership as we continue to expand our PBSA platform,” he added.
Kevin Davidson, managing director at Puma Property Finance, said: “Having historically funded successful developments with McAleer & Rushe as main contractor and built a wider relationship with the group, we at Puma Property Finance are delighted to be providing our first financing to MRP. Broadway Studios not only reinforces our commitment to backing schemes committed to ESG excellence but also sets the benchmark for modern PBSA developments.”
“We look forward to working with the excellent team at MRP to see the scheme reach its completion in time for the 26/27 academic year and further developing our important partnership to support the growth of their PBSA platform. We continue to have a strong appetite for lending in Scotland and supporting the PBSA market,” he added.
Shane McCullagh, director at McAleer & Rushe, said: “We’re delighted to be entrusted as construction partner to deliver this landmark PBSA scheme in Glasgow for MRP. Broadways Studios not only serves as an excellent addition to our growing portfolio of prominent student developments across the UK, but also strengthens our strong pipeline of ongoing large-scale projects across Scotland’s central belt. With the strength of our experienced teams and trusted partners, we look forward to delivering safe, sustainable student homes that will make a lasting contribution to the city.”
Highlights:
• MRP, the investment and development arm of construction group McAleer & Rushe, has secured a £58 million loan from Puma Property Finance to fund the development of a 432-bed purpose-built student accommodation (PBSA) scheme in Glasgow city centre
• Broadway Studios is being built by McAleer & Rushe, and will be operated by Prestige Student Living when it opens in time for the 2026/27 academic year
