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Vita Scheme Secures Finance

Posted by Richard Ward in

Image courtesy of Flickr, Creative Commons

Vita has secured an £80m development loan from Cain International to finance the development of a 780-bed purpose-built student accommodation (PBSA) scheme.

Located close to the University of Warwick, the 169,000 sq ft project received planning permission in November 2019, with construction of the site starting in October this year.

The development is due to open in time for the 2022-23 academic year, with the first phase due to complete by September 2022. The remaining units will be delivered in December 2022 and January 2023.

Graham Keable, principal at Cain, said: "Despite the turbulence caused by the pandemic, the purpose-built student accommodation sector has demonstrated its resilience, and we are confident that its strong fundamentals will see outperformance and investment volumes continuing to increase in the months ahead."

"Demand remains particularly robust from international students and we expect this to continue as the cap on growth in student numbers is removed, with the highest quality student accommodation schemes set to benefit most."