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Investec Provides £17.5m Senior Loan

Posted by Richard Ward in

Image courtesy of Flickr, Creative Commons

Investec Structured Property Finance has provided student accommodation specialists Scape with a £17.5m senior loan.

The loan will fund the acquisition and development of its Thanet Street scheme in Bloomsbury, central London. The residence is within walking distance to several universities, including Birkbeck University and the School of Oriental and African Studies.

Investec has provided more than £150m in senior debt funding to Scape, across a total of five projects.

Commenting on the announcement, Shane Ryan, at Investec Structured Property Finance, said: "This is a high quality development in a prime London location, which is well placed to further meet the demands of London’s student population. Despite short-term uncertainty affecting the sector, the city's enduring international appeal and challenging planning restrictions continue to underpin favourable supply-demand dynamics."

"We remain steadfast in our conviction that the PBSA sector will continue to be a sought after asset class by both UK and global investors, attracted by its long income characteristics and attractive pricing. Having forged an extremely close relationship with Scape, we look forward to working with them on future schemes."

Meanwhile, Adam Brockley, founder and global chief development officer at Scape, added: "We are delighted to have completed another deal with Investec and continue to be impressed with the speed with which they can transact in complicated situations."