Specialist property lender Leumi UK has provided Patron Capital – in a joint venture with Curation Capital – with a £9.26m facility loan to fund the acquisition and refurbishment of Ladybarn House, a purpose-built student accommodation (PBSA) scheme in Manchester.
Stephenson Harwood LLP acted for Leumi UK on the legal side with Savills providing valuation advice and Gardiner & Theobald LLP providing construction advice.
The funding was completed within a 28-day exchange and completion timetable.
Delivering 117-beds, the Labybarn House scheme is ideally located in the popular student district of Fallowfield, which is within walking distance of the University of Manchester and Manchester Metropolitan University.
“Patron Capital and Curation Capital are a well-known client of Leumi UK, and we’re pleased to have been able to work with the team again to provide a loan facility for this fantastic PBSA acquisition and refurbishment project. With the number of young people attending university steadily increasing, combined with tenants’ greater insistence on environmentally friendly housing, PBSA assets such as Ladybarn House will be instrumental in meeting the growing demand and ensuring a bright future for both students and universities.”Chris Stallard, Relationship Director, Property Finance, Leumi UK
Refurbishments are to be undertaken to reconfigure the existing rooms, improve the student amenities and improve the building’s ESG credentials.
“Manchester is home to two of the UK’s largest universities, including the University of Manchester, which is the largest University in the UK by full-time student enrollment. Unfortunately, the current supply of PBSA accommodation in the city only covers 24% of the total student numbers. With this deal, we will be looking well into the future, ensuring that students will be able to stay in high-quality, energy-efficient housing for years to come.”Keith Breslauer, Managing Director (MD), Patron Capital
However, the scheme is not the first of the collaboration between Leumi UK, Patron Capital and Curation Capital.
In December 2022, Leumi UK approved and facilitated a £8.29m acquisition and refurbishment loan with the companies for an existing PBSA scheme in West Hampstead.