BLME has provided £23.1m in financing to Urbium Capital to forward-fund the development of its Arcadian PBSA in Nottingham.
Urbium bought the 293-bed PBSA from Metropolitan & District Securities in February. It was its first acquisition for its Living Portfolio. The site is set to open in Q3 2024 ahead of 2024/5 academic year.
Henry Wilson-Holt, BLME’s associate director of real estate finance, said: “This deal illustrates strong market appetite for PBSA, an ever-popular asset class among investors. It was a real pleasure to work with Urbium Capital on this deal, and we look forward to supporting its future business plans.”
Suliman Al Aujan, Urbium Capital’s founder and chief executive officer, said: “At Urbium, we are passionate about developing and managing assets that align with responsible, sustainable, and inclusive practices, aiming to leave a positive impact on all stakeholders.
“The Arcadian will be a leading PBSA development strategically situated within a five-minute walk from Nottingham Trent University. We are thrilled to have collaborated with BLME on this project and anticipate forging our partnership across our future portfolio.”
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