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Aareal Bank Finances Scape Canalside

Posted by Richard Ward in

Image courtesy of Flickr, Creative Commons

Aareal Bank AG has financed Scape London Canalside with a three-year offering of around £54 million.

The 400 bed purpose-built scheme is located in Bradwell Street near Queen Mary University. The development is already operational having opened in 2019.

Scape is a leading provider of student accommodation and the site in Canalside provides students with facilities such as a fitness centre, cinema, study rooms as well as communal lounges.

Commenting on the deal, Ronan Kierans, Director at Scape said: "Scape is delighted to be expanding its existing relationship with Aareal Bank and we are very excited to work with Aareal in continuing to bring a first-class student experience to our residents at Scape Canalside. Our thanks to the team at Aareal."

Christof Winkelmann, member of Aareal Bank's Management Board, added: "Aareal Bank is increasingly focusing on financing student accommodation. Having financed various attractive properties around the world already, we are planning to further grow our exposure to this segment."