NatWest has provided £82.6 million to finance the acquisition and improvement of three purpose-built student accommodation schemes in Birmingham, Edinburgh and London.
The funding supports Rosethorn Capital Partners and Eagle Street Partners in acquiring Selly Oak Court in Birmingham, Haddington Place in Edinburgh and Glassyard in Stockwell, south London.
The three properties provide more than 900 student beds. Selly Oak Court has 329 beds, Haddington Place contains 240 and Glassyard comprises 340.
Glassyard is predominantly leased to the University of the Arts London, while Haddington Place is close to Edinburgh city centre and transport links.
The financing will also fund cladding remediation, compartmentation and fire-door improvements, alongside sustainability measures and refurbishment work.
Michael Goode, relationship director for large corporate real estate at NatWest, says: “Backing responsible investment in existing stock is a priority for us.
“By partnering with specialist sponsors to deliver safety-led upgrades and targeted refurbishments, we are helping keep high-quality buildings in use and raising the quality of student housing in Birmingham, Edinburgh and London.”
Ricky Kullar, chief financial officer of Rosethorn Capital Partners, says: “It’s been great to work with Michael and the team at NatWest again in what continues to be a challenging but opportunistic PBSA market.
“NatWest has a pragmatic and solution-orientated approach to executing transactions, which we experienced first-hand during the acquisition of Spring Mews last year.
“We’re excited to deliver these projects over the coming years, leveraging our in-house asset and development management capabilities to execute our business plans and enhance the quality of these assets for students and investors alike.”
Will Banbury, head of origination at Eagle Street Partners, says: “We are pleased to be working with NatWest on these acquisitions, which represent an opportunity to enhance well-located PBSA assets in three of the UK’s strongest university cities.
“Together with Rosethorn, we have a clear business plan to deliver targeted improvements across each property, enhancing building quality, sustainability and the overall resident experience.
“NatWest’s support has been instrumental in helping us complete these transactions and we look forward to delivering high-quality institutional assets.”
