United Trust Bank (UTB) supports the construction of a new £15m purpose-built student accommodation development (PBSA) development by ACE Student Living. UTB has provided a £9.4m facility to refinance the original acquisition loan and fund 100% of the build costs and professional fees.
The scheme – located in the centre of Exeter, Devon – will create 97 new student rooms in clusters of two to five rooms over seven storeys, with the 8th storey providing communal living space and a roof terrace. The project will get underway this month and is expected to complete in Spring 2024.
“One of the most compelling reasons to partner with UTB is the strength and knowledge of Paul Flannery’s team. They are collegiate in how they approach the hurdles that often come up in transactions. They are polite, reasonable and firm in their opinions and stick by their choices and decisions.”Javaid Aziz, Co-Founder, ACE Student Living
ACE Student Living is a family owned and run business founded in 2018 by Javaid Aziz and his son Paul Aziz. A returning UTB customer, the company has delivered several PBSA schemes in the south and south-west of England over the past few years, including another 64-bedroom scheme in Exeter and others in Falmouth and Southampton, the latter also funded by UTB. ACE Student Living also has two more PBSA developments in Winchester and Plymouth which are currently under construction.
ACE Student Living aims to take a boutique approach to providing student accommodation by equipping its rooms with comfortable furniture and superfast wi-fi. Its vision is to make student letting simple and straightforward so that tenants can concentrate on enjoying their studies and student life.
“ACE Student Living are skilful developers, and we were delighted to have the opportunity to support Javaid and his team in what I’m sure will be another successful project. They have a deep understanding of their market and deliver a great quality product, differentiating themselves from other developers/investors operating in the PBSA sector with their commitment to ensuring their customers get the most from their accommodation and student life.
“Demand for great quality student accommodation continues to outstrip supply in towns and cities across the UK, and we look forward supporting more of ACE Student Living’s outstanding schemes for many years to come.”Paul Flannery, Senior Director (Property Development), United Trust Bank