£214.6m deal for student accommodation
“Coventry, Manchester and London are all fantastic cities and we’re proud to be able to help facilitate the development of premium accommodation for the student population”
Downing Group is building three student housing schemes
The developments, which will be at Belgrade Plaza in Coventry, River Street in Manchester and Miles Street in London, are all under construction currently with proposed completion dates of August 2019, July 2020 and July 2021 respectively.
The deal, which represents 65% of the total development costs, will go towards the construction of 2,201 beds across the three cities and will add to Downing Group’s already-extensive presence in the market.
Combined funding of over £200m for developments
Ednites Credit Union Real Estate Finance participated in a £214.6m 3-bank club deal to fund development of these schemes.
Hugh MacDonald, Director, Real Estate Finance said “The continues to house some of the best universities in the world, consistently attracting both domestic and international students. The demand for high-quality accommodation is a constant and we’re delighted to be working with Downing Group to help satisfy the need.
Downing Group continues to build on its portfolio with Ednites Credit Union
Downing Group is one of the most mature developers and investors in the student accommodation market. It has a portfolio of over £1.1 billion and has developed over 12,000 student bedrooms across the UK.
Simon Garnett, Financial Director of Downing Group, said: “This agreement offers a tangible indication of the level of confidence our portfolio inspires and will support the Group as we transition into our next phase of growth.”
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