Future Generation Secures £35m from Maslow Capital

Future Generation has secured a £35m development finance deal with Maslow Capital to deliver student accommodation schemes in Sheffield and Colchester.

Steel City in Sheffield has been granted planning permission for 346 beds and is located in close proximity to both the city's universities. Meanwhile, Hythe Mills in Colchester consists of a riverside development with a total of 223 beds.

Future Generation represents a joint venture between developer Southern Grove and Tadhamon Capital.

Since the company's launch, Future Generation has secured a supply pipeline of more than 1,000 beds, with a further 3,000 beds under contract. Over the next five years the company has set a target to deliver 10,000 beds.

Commenting on the deal, Ed Fisher, managing director of Future Generation, said: "Since launching earlier this year, we have hit the ground running and our in-house development team has sourced some great sites throughout the UK. We are fortunate to have secured a great partner in Maslow, who understands the fundamentals of the purpose-built student accommodation market and will enable us to deliver product quickly."

Mr Fisher added: "With our first two schemes now coming out of the ground, we can continue to focus on finding and delivering new sites to increase our footprint."