Kexgill Refinances to Fuel Expansion Plans
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Student accommodation specialist Kexgill has secured £29 million of funding as it looks to expand in the UK and continental Europe.
The Hull-based company now has more than 3,000 bedrooms in its portfolio and is operating on a European level.
By refinancing part of the University Quarter in Hull, the company will be able to create additional scale in its existing locations. Kexgill was originally launched in 1978 and now operates in Bradford, Hull, Liverpool, Middlesbrough, Newcastle, Nottingham, Preston, Salford and Stockton. It also manages properties in Germany.
The portfolio contains a mix of purpose-built student accommodation, apartments and HMOs, and turned over £13.2 million for the last financial year.
The structured deal with Aldermore represents the largest ever commercial mortgage brokered by the lender in its 11-year history and involves 174 residential units with a combined 857 bedrooms.
John Carter, commercial director for commercial real estate at Aldermore, said: "We're delighted to have worked with such an experienced operator like Kexgill and provide them with the bespoke finance facilities they need."
"Student accommodation projects can be complex and developments in the sector are often not well understood by some lenders. This deal underpins Aldermore's expertise in this market, our commitment to provide regional support, and our mission to back clients like Kexgill to fulfil their ambitions."
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Head of Research at StuRents
Richard leads the StuRents research team, providing proprietary, platform-driven insights to help stakeholders make better-informed decisions about the market.
