A joint venture between Q Investment Partners and Gamuda has signed a £47.3m loan facility with Alpha Property Lending to develop a 299-bed purpose-built student accommodation scheme in Woolwich, south-east London.
Hurlington Capital, which acquired the site at 81-88 Beresford Street, SE18, in 2020, received planning consent for the development in 2022. It is the first PBSA scheme in the multi-billion-pound regeneration of the former Royal Arsenal and will be a 50/50 mix of studios and cluster rooms.
Abhinav Swamy, head of investment at QIP, said: “Alpha Property Lending’s unwavering confidence in UK higher education and the resiliency of the student housing market complements our strategy of targeting sought-after opportunities in key student cities facing housing shortages. The availability of robust financing from trusted lending partners like APL strengthens our ability to continue expanding our UK portfolio & make a significant impact on the sector.”
Mert Zabci, head of commercial lending at Alpha Property Lending, said: “Pleased to be supporting QIP on a second PBSA deal in the UK within the last 12 months and to be working with their partners, Gamuda and Hurlington Capital. The Woolwich asset is located steps away from the recently opened Elizabeth Line, providing access to several London university campuses and central London within 30 minutes.”
Student accommodation planning in London >>
Image © Hurlington Capital/QIP
Send feedback to Akanksha Soni
Follow Estates Gazette
