Case Study: Investec backs Northridge Capital student accommodation scheme
Investec Bank (Channel Islands) Limited (“Investec”) has supported Northridge Capital and Charterhouse Lombard with a new loan to refinance the Kingston Plaza student accommodation scheme in Kingston-upon-Thames with more than £10 million.
Northridge Capital is a private equity real estate business focusing on residential, commercial and alternative opportunities in the UK and Europe. Charterhouse Lombard is an independently owned fiduciary firm with offices in the Isle of Man and Dubai.
The £10.6m facility includes funds to refurbish the communal areas of the property which is home to 130 students. It further demonstrates Investec’s commitment to the purpose-built student accommodation (PBSA) sector and the bank’s ability to provide bespoke lending solutions for its clients.
In October last year, Investec Bank Plc published its third Future Living report, revealing global institutional investors attitudes towards the UK Living sector. PBSA saw the biggest shift in sentiment in the past two years, rising from tenth to first in terms of investor appeal, with over half (59%) of respondents optimistic about the prospects for the sector.
In 2022, Investec Group’s lending to the PBSA sector passed £1 billion, having funded 22,000 beds across 55 schemes in 23 cities since 2011. Click here for further information.
Rob Voce of the Investec Lending Team said, “I am delighted to have had the opportunity to support Northridge Capital on this transaction. They have a great track record of developing and operating high-quality student accommodation schemes. Investec Group continues to be one of the most active lenders in the PBSA space, which is a testament to the expert team we’ve built.”
Jon Wagstaffe, Trust & Corporate Banking in the Isle of Man Representative Office said, “We are extremely pleased to have the chance to once again work with Charterhouse Lombard and look forward to assisting both the firm and Northridge Capital in the future.”
Michael McCauley of Northridge Capital said,
“We are thrilled to be partnering with Investec on the refinance of Kingston Plaza. Their knowledge of the PBSA sector is second-to-none, and we appreciate their collaborative approach to financing. This project will provide a more modern space for students to socialise and relax, enhancing their sense of community and belonging.”
The Investec team consisted of Rob Voce and Susie Ryan in Jersey, and Jon Wagstaffe and Mark Beresford in the Isle of Man, get in touch.
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