Urbium Capital agree a forward funding deal for a prime purpose-built student accommodation (PBSA) scheme in Nottingham with Metropolitan & District Securities (MDS), the developers. McAleer & Rushe have been appointed as main contractor.
Urbium Capital were advised by Colin Finlayson of Lismore Real Estate Advisors, and Russell Hefferan, Partner, Student Accommodation Capital Markets at Cushman & Wakefield acted for MDS. The acquisition is Urbium Capital’s first under its Living Portfolio.
“The acquisition of Urbium’s Nottingham development site marks a significant step forward in our strategy to create thoughtfully designed and professionally managed student communities, especially given the country’s current shortage of high-quality student accommodation. We are excited to work with MDS to deliver new beds and amenities for the local and international student population in Nottingham.”Suliman Aujan, CEO, Urbium Capital
The new PBSA development will deliver 293 high-quality bedrooms – a mix of ensuite and studios rooms, which meet high environmental and energy performance standards. Expected to complete in time for the 2024 student intake, the scheme also includes extensive amenity space and a large green courtyard.
The Property fronts Huntingdon Street, which is in a proven PBSA location, a short walk from Nottingham Trent University’s expanding city centre campus.
“This project is an important part of our PBSA development programme where a key focus is to deliver well designed schemes that meet the modern needs of students, along with offering strong ESG credentials in strong demand led locations. Nottingham has one of the fastest growing demand pools in the UK. We are delighted to be partnering with Ubrium who have environmental and community values that align with ours.”David Osborne, Director, Metropolitan & District Securities
Since its inception in late 2021, Urbium Capital has pursued a growth strategy to help address the acute shortage of high-quality and professionally managed housing. The company has raised its first tranche of equity capital in its flagship Living Portfolio, with the goal of delivering sustainable regeneration schemes in undersupplied cities.