Olympian Homes and Cain International Secure £150M Funding for World's Tallest PBSA

Property developer Olympian Homes and real estate investment firm Cain International have recently finalised a funding agreement, valued at approximately £150 million, to bring to life two prominent purpose-built student accommodation (PBSA) schemes in the UK.

The first of these projects, Cirrus Point in Leeds, is making waves as it's set to become the world's tallest PBSA-only building, rising to an impressive height of 191 metres. This iconic 45-story development will house 660 beds across 255,000 sq ft and offer panoramic views of Leeds.

Plans also outline a range of amenities, including a gym, yoga studio, cinema, games room, co-working spaces, group dining facilities, and a rooftop terrace.

Olympian Homes acquired the Cirrus Point site in 2021 and, with the construction contract awarded to RG Construction, work commenced in August of this year. The completion date is set for the 2026 academic year.

The second project, Rialto House in York, will encompass 275 student beds within 80,000 sq ft of space. Located within a ten-minute walk from the city centre and a quick seven-minute bus ride from the University of York, it offers convenient access for students.

Similar to Cirrus Point, Rialto House will provide a range of amenities, including a gym, yoga studio, cinema, games room, co-working spaces, group dining facilities, and landscaped courtyards.

GMI Construction was awarded the construction contract, and work began in August of this year, with completion set for the 2025 academic year.

Olympian Homes has expressed its gratitude for the proactive approach of Leeds City Council and York City Council in supporting its vision and addressing the significant supply and demand gap for PBSA in these cities.

This funding agreement underscores the industry's confidence in bringing substantial investment into the PBSA sector, showcasing its resilience even in challenging economic conditions.