Puma Property Finance has provided a £72m debt facility to Olympian Homes and Housing Growth Partnership for a £120m GDV purpose-built student accommodation scheme in Nottingham.
The scheme, known as Forest Mill, will include 790 student beds and 19 affordable homes.
The development will span three buildings and feature student amenities such as a café, co-working space, gym, cinema room and garden terrace.
Olympian acquired the site in September 2021, and secured planning in June 2022. HGP was selected as an equity partner in December 2023.
In a joint statement, Puma managing director Kevin Davidson and senior manager Rahul Malde said: “PBSA remains one of our core lending sectors as the shortfall of student accommodation continues to increase.
“Having financed schemes across the UK, including Scotland and Northern Ireland, this deal represents an opportunity to deliver much-needed accommodation in another strong university city.”
Colin Bennett, investment director at HGP, added: “HGP has a strong appetite to invest in the PBSA sector, having recently supported new developments in Glasgow and Dundee, and we are looking forward to working closely with Olympian and Puma in delivering much-needed PBSA beds in Nottingham.”
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