Investec has provided Global Student Accommodation with an £86.5m refinancing loan secured against a portfolio of five stabilised PBSA assets in England.
The portfolio comprises 1,460 beds across Therese House in London, Goldsmith Court in Nottingham, Knoll Court in Newcastle, Park Court in Lincoln and Bramall Court in Sheffield, all of which are managed by GSA’s global operating partner, Yugo.
Investec has delivered more than £1.15bn in PBSA lending since 2011, supporting 24 clients, including Scape, Student Roost and Watkin Jones, with the delivery of more than 22,000 beds across 62 schemes in 26 cities.
Sebastian Walley, a loan originator at Investec, said: “UK PBSA, where we have a near 15-year lending track record, remains one of our high-conviction sectors, and there continues to be strong demand from best-in-class PBSA operators for our tailored financing solutions. Despite economic headwinds, the investment case for UK PBSA remains compelling, driven by global demand for places at our world-renowned higher education institutions.
“This deal further underscores our confidence in the sector’s resilience, while aligning with our strategy to increase our lending volumes by writing more large-ticket loans.”
John Jacobs, global head of capital markets at GSA, said: “Investec’s expertise, commitment and focus on supporting high-quality assets and experienced operators make them an ideal partner as we execute our long-term growth strategy. This deal not only reinforces Investec’s position as a leading lender in the PBSA market but also highlights the continued confidence in PBSA as a resilient and attractive asset class.”
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