QIP and JV partner secure $33.6 mil loan for two UK student accommodation projects

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/ EdgeProp Singapore
|
July 19, 2021 6:37 PM SGT
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SINGAPORE (EDGEPROP) - Singapore-based private equity investment firm, Q Investment Partners (QIP), and its joint-venture partner UK property developer, HG Developments, have secured a £18 million ($33.6 million) loan for two purpose-built student accommodation projects (PBSA), in Edinburgh and Egham in the UK. The debt financing was raised from Secure Trust Bank Real Estate Finance, a UK retail bank. (See also: QIP launches GBP30 mil student accommodation fund)
The development in Edinburgh is at 65 London Road and comprises 76 beds in self-contained studios. It is in the Meadowbank suburb. This development is adjacent to another PBSA project by QIP. That 198-bed development at 61-63 London Road is expected to open in time for the 2021/2022 academic year.
The other new development is a 107-bed student accommodation in Egham that has been repurposed from a retail space. The site is in a prime location close to the Royal Holloway University of London and Egham station.
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The recently announced developments will be managed by Prestige Student Living, an arm of Homes for Students, a provider of student accommodation in the UK that manages over 30,000 beds.
The development projects form part of QIP’s £30 million student housing equity fund that was launched in 2020 to invest in PBSA projects in the UK.
QIP says that the UK’s PBSA sector is underpinned by strong demand. The market for student housing looks set to rebound and could exceed pre-Covid levels in the coming years, the firm adds.

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