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Investec Provides Loan for Guildford Scheme

Posted by Richard Ward in ,

Image courtesy of Flickr, Creative Commons

Investec Structured Property Finance has revealed it will provide a £53.5m senior debt facility to a joint venture between Scape UK and HG Construction.

The funds will be used to construct Scape Surrey 2 in Guildford, which will contain 403 purpose-built student accommodation (PBSA) beds, as well as 113 co-living units.

Commenting on the deal, Shane Ryan of Investec Structured Property Finance, said: "We are aware of the limited supply of Grade-A student accommodation in Guildford, particularly studios."

"Increasingly we are seeing more innovative developers delivering a mix of tenure types within the same scheme, which reflects the blurred lines that now exist between the different use classes that encompass the private beds for rent sector."

The development represents the second for Scape in Guildford, having opened 141 student beds in 2016-17.