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New Era Developments Secure Funds Worth £27m

Posted by Richard Ward in

Image courtesy of Flickr, Creative Commons

Sheffield-based New Era Developments has secured £27m in funding from Barclays to support its continued growth in student accommodation.

The company was established in 2000 and recently completed the first phase of New Era Square.

The funding and new banking facilities will enable the business to complete Phase 2 of the development. Once complete the scheme will consist of 656 student bedrooms and will also feature leisure and office accommodation around a central square.

Commenting on the build, Jerry Cheung, managing director of New Era Developments, said: "Building New Era Square in the heart of Sheffield has been an amazing journey and we're thrilled that Barclays has been able to support this development, enabling us to complete our vision of delivering fantastic student accommodation for a vibrant and thriving community."

"Phase 2 of the development will include a Chinese Incubator Unit which is expected to provide significant inward investment from China and will see a partnership in collaboration with Sheffield Hallam University once complete."

Meanwhile, Barclays property relationship director, Ashley Airey, commented: "This is our first step in to the student accommodation market with Jerry and his team and we are delighted that Phase 1 is already complete."

"We have a great track record in the property sector and we've worked hard to understand the specific needs of the project in collaboration with local stakeholders. This enabled us to provide a tailored funding package to help build one of Sheffield's newest student accommodation offerings as well as allowing us to add value by way of the introduction of a 'pop-up' branch to assist incoming students open UK bank accounts on arrival."