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QIP Successfully Refinances Sheffield Scheme

Posted by Richard Ward in

Image courtesy of Flickr, Creative Commons

An 11-storey block of student accommodation in Sheffield containing 280 beds has been refinanced, allowing the fund manager to release capital growth to fund its expanding student housing portfolio.

Q Investment Partners (QIP) secured funds from Secure Trust Bank Real Estate Finance (STB REF) for its Straits Manor scheme in West Street.

Currently being managed by Prestige Student Living, QIP acquired the site in 2017 and now has a portfolio of around 1,000 beds in the UK.

Commenting on the deal, Ben Hall, head of investment at QIP, said: "We are heavily invested in the UK purpose-built student accommodation sector - it is an attractive and a high performing yet defensive asset class. The facility from STB REF will enable us to pursue our ambitions to acquire more high-quality assets in the sector."

QIP is looking to double the size of its portfolio in 2020.