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Peritus Complete Refinancing of True Glasgow Scheme

Posted by Richard Ward in

Image courtesy of Flickr, Creative Commons

Peritus Corporate Finance has completed the refinancing of a 592-bed student scheme in Glasgow's West End with a total facility of more than £40m.

True Glasgow is owned by Bricks Capital and offers students close to 600 bed spaces along with a range of communal areas such as a 'festival zone', library, cafe, gym, sky lounge and games room.

The senior debt was provided by Laxfield Capital's £500m debt fund, which targets senior and whole loans at up to 75% LTV across most real estate sectors in the UK.

Commenting on the transaction, Steven Oliver, director at Peritus said: "We are delighted to have brought this refinancing to a successful conclusion and this is our second major transaction with Laxfield this year. We are proud to be involved with both Bricks and Laxfield in their continued growth."

Bricks Capital is aiming to deliver up to 10,000 beds in the coming years, which will be operated under the True brand.

Alexandra Lanni, partner at Laxfield, added: "We are delighted to have completed this transaction with Bricks on what we believe is one of the most modern and highly specified student accommodation blocks in the UK."

"This is another example of Laxfield providing flexible finance to a good sponsor with an impressive business plan."