Eldridge Real Estate Credit has provided £100m debt facilities to Vita Group for the development and construction of a 591-bed purpose-built student accommodation scheme in Glasgow, United Kingdom. The scheme, located on India Street, is just northwest of Glasgow city centre with the University of Glasgow and Glasgow Caledonian University nearby.
The 18-storey development will feature 591 studio apartments, as well as amenities including kitchens, a fitness centre, a cinema and game room, as well as study spaces. Construction is expected to be completed in July 2027, with McAleer & Rushe serving as developer and contractor.
John Cole, global head of real estate credit, Eldridge Capital Management said: “The UK has gained nearly half a million full-time students since 2012, and today there is only enough student housing for approximately 50% of them. This development, and our continued partnership with Vita, takes a meaningful step toward addressing the pressing need for high-quality student accommodation, and furthers our commitment to this rapidly growing marketplace.”
Pete Shipley, finance director, Vita Group added: “With a location perfectly situated between leading universities, this project marks a continuation of our investment in Glasgow and aims to alleviate some of the pressures felt across the city as a result of Glasgow’s growing population. We remain focused on creating vibrant living and learning communities for students that enable them to thrive during this exciting period in their life.”
Image © Vita Group
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