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Green Loan Secured by Urbanest for London PBSA Scheme

Posted by Calum Martin

Image courtesy of Flickr, Creative Commons

London-based student accommodation specialist Urbanest has signed a £148m green loan with LaSalle for the delivery of an 852-bed PBSA scheme in Battersea, south London.

Founded in 2008, Urbanest currently manage eight PBSA schemes across London including properties in Victoria, Hoxton and King's Cross.

Located adjacent to Battersea Power Station's tube stop, the new scheme is currently eyeing a completion in time for the September 2024 academic year.

The development is also set to feature 65,000 sq ft of office space, a cafe, a pub and other community spaces alongside its student beds.

The green loan, provided by LaSalle Investment Management, will be used to secure a BREEAM 'Outstanding' certification for the scheme.

It will also target a Passivhaus 'classic' standard, which measures the energy efficiency of a residential property.

Urbanest has commented on the development, stating: "All of Urbanest's schemes to date have been delivered to BREEAM 'Excellent' standard.

"The business plans to implement more green loans in the future, as a clear statement of its commitment to sustainability, and in what it expects will be an increasing market shift towards green financing solutions.

"We are delighted to have signed this green loan with our long-standing partner LaSalle, demonstrating our continued commitment to delivering sustainable student accommodation."

Head of LaSalle Real Estate Debt Strategies, David White commented: "Living sector assets with strong ESG credentials are a key theme for LaSalle. London student housing fundamentals in particular remain resilient, and we welcomed the opportunity to once again work with Urbanest, given their experience in the sector and the quality of the team and their product."