Unite Releases Its Year End Results
21st Feb 2018
Investec Structured Property Finance has offered a £23.6 million funding line to Curlew Student Trust for the development of a 454-bed student housing scheme located in Bournemouth, alongside a 2,000 sq ft retail unit.
Backed by clients of CBRE Global Investment Partners, the deal marks the second Investec has secured with Curlew, which arguably demonstrates the strong appetite for student accommodation from private investors.
Through the deal, Investec will provide senior debt, which will fund the scheme through to practical completion in August this year, with an 18-month investment period.
Situated on Christchurch Road, the student accommodation is just a short walk from both of the city's higher education campuses.
Watkin Jones is acting as contractor on the build, which if built on schedule will be due to open in time for the 2017-18 academic year.
This latest deal takes the total exposure Investec has in Curlew to £71.3m, after it closed a £47.7m facility in April for a 527-bed development in London.
Over the past three years Investec has provided over £400m to real estate funds.
Commenting on the latest deal, Mark Bladon of Investec Structured Property Finance, said: "Investor appetite for well-located student accommodation schemes in the UK shows little sign of abating, with the long-income profile of these operationally backed assets particularly attractive."
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