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Stirling First Built Student Accommodation Backed By RBS

Posted by Matthew Goddard

Image courtesy of Flickr, Creative Commons

The University of Stirling has secured an £18.2 million pound investment to build its first student accommodation block and construction is now underway thanks to the funding package courtesy or Royal Bank of Scotland.

The private equity and asset management firm Maven Capital Partners, based in Glasgow, in partnership with the Hong Kong-based firm IP investment management, are developing at Forthside, the Riverside Quay. The development will provide 207 beds consisting of a range of studios, eight one-bedroom apartments and seventy-six two and three bedroom ensuite flats.

The block comes with a number of facilities for the students that will end up living here. The facilities include a cinema, fully equipped gym, games rooms for those all night games of FIFA or Call of Duty, a laundry room and several private and group study rooms.

The investment director at Maven, Pail Johnston, has said that
"The University of Stirling is growing rapidly and there is an acute shortage of student accommodation, with no private PSBA market to support its growth. High-quality accommodation is the key to attracting students and also eases the pressure on the existing housing stock, benefitting both temporary and permanent residents."

While the executive director at IP, Selina Williams, said
"The Riverside Quay adds to our growing portfolio of PBSA assets in strong UK university cities including Birmingham, Bournemouth, Durham, Edinburgh, Exeter, Liverpool and Newcastle. We are also delighted to extend our successful partnership with Maven in this sector, and we continue to see opportunities in the PBSA sector in areas with strong fundamentals like Stirling."

The relationship director, Iain Robertson, at the Royal Bank of Scotland added that: "Maven already has a strong track record in delivering high-quality student developments across the UK and has identified the need for purpose-built accommodation to meet the requirements of today's students, including those with families. Maven's developments are designed to be inclusive and create a sense of community, which will no doubt prove popular among the building's residents."

A much-needed investment in the area as its an area that is undersupplied and will hopefully attract more students to the area.