Coventry Scheme Withdrawn by Beauford Group
1st Mar 2021
Barings has agreed to forward fund two purpose-built student accommodation (PBSA) developments in London and Manchester.
The funding to the tune of £43.8 million will ensure the schemes are completed in time for the 2022-23 academic year and are being built by Alumno.
The PBSA scheme in London will contain 143 beds and is in Bermondsey Spa Gardens, with good access to a number of higher educational institutions.
The development in Manchester consists of 62 studios and is centrally located. It sits within the campus of Manchester Metropolitan University, opposite the Faculty of Science and Engineering.
According to Darren Hutchinson, Managing Director - Head of UK Real Estate Transactions at Barings, the schemes are located in undersupplied markets and are supported by strong universities. The deal represents the first PBSA investment for Barings in Europe and the start of a wider strategy to target EUR 350 million of investments across PBSA, Build to Rent and micro/serviced living.
David Campbell, Founder & Managing Director at Alumno, added: "We are absolutely delighted to have concluded this agreement with Barings, a major and world leading real estate investor. This is a huge boost for our business coming into 2021. It also highlights the confidence in bringing forward major investment into the PBSA sector, which has again demonstrated its resilience during these challenging times. We very much look forward to working with the Barings team and developing our relationship further and believe this will be the start of a strong, long term partnership."
