Investec provides £21 million loan to refinance student accommodation scheme

Investec Bank plc (“Investec”), a leading international bank and wealth manager, today announces that its Real Estate team has provided Bridges Fund Management and ROK Property (JV), with a £21.34 million senior secured investment loan. The financing supports the refinance of “The Edge”, a 307-bed purpose-built student accommodation (“PBSA”) scheme in Belfast.

The transaction provides Investec with the opportunity to strengthen its lending relationship with Bridges Fund Management, a specialist investment manager that has been investing in sustainable real estate for over 15 years.

The Edge comprises 307 modern studio apartments and extensive communal amenities, including a fitness suite outdoor space, private dining room, cinema room, as well as meeting and conference facilities. The scheme, which reached practical completion in September 2024, is managed by Homes for Students, one of the largest student accommodation operators in the UK and Ireland.

The Edge is situated in Belfast’s Cathedral Quarter, directly adjacent to Ulster University’s new £350 million Belfast campus, which accommodates more than 15,000 students. The scheme is approximately 0.5 miles from Belfast city centre, providing residents with close access to the city’s universities, amenities and transport connections.

Belfast has experienced sustained growth in full-time student numbers, while PBSA supply has not kept pace with demand. The city’s diversified higher education offering, including Ulster University and Queen’s University Belfast, together with a growing international student population, supports continued demand for high-quality student accommodation. The Edge’s location within an established central PBSA cluster and its proximity to Ulster University’s new campus further underpin confidence in long-term occupancy and rental performance.

Larrissa Field, Investec Real Estate, said: “The investment case for UK PBSA remains compelling, underpinned by strong student demand, supportive demographic trends and structural undersupply. This transaction represents an excellent opportunity to support a high-quality asset in a strong Belfast location, while building on our existing relationship with Bridges. We look forward to supporting the sponsors on future opportunities.”

Celia Harrison, Director, Bridges Fund Management added: “We’re proud to have created a development that we believe is a real asset to the local community and the city of Belfast more broadly – drawing on Bridges’ extensive experience of delivering highly sustainable residential accommodation in UK cities – and we’re delighted to be working with Investec as we welcome students for the 26/27 academic year.”

This transaction builds on Investec Real Estate’s strong track record in the UK PBSA sector. Investec continues to have appetite to support both development-led and stabilised income-producing assets, partnering with experienced sponsors and investment managers through tailored financing solutions. Over the last three financial years, Investec have completed £462 million across student accommodation and co-living.