Vita and Cain partnership funds House of Social PBSA

Cain International and Vita Group strengthen their partnership with a construction loan for Manchester's House of Social purpose-built student accommodation (PBSA) scheme.

Cain International has provided Vita Group funding for its House of Social PBSA in Manchester | PBSA News
Cain International has provided Vita Group funding for its House of Social PBSA in Manchester.

Privately held investment firm Cain International has provided a £91.5m construction loan to Vita Group for House of Social – its inaugural PBSA scheme in Manchester.

The 14-storey development will deliver 576 beds in a mix of four-to-six-bedroom clusters or ‘Houses’, which will be complemented by shared open-plan kitchens and lounge areas, and access to a dedicated gym.

The new House of Social PBSA concept targets students who want more social and independent living as they transition to adult life.

“We believe Cain’s distinctive advantage lies in its partnership model, and we are delighted to extend our relationship with Vita as they introduce a new dimension of student living to the market. Cain’s long-standing experience in this sector, through its credit and equity practices, bolsters our confidence in the stability of U.K. university cities and we eagerly anticipate the positive impact this project will have on the community and the future of student accommodation.”

Graham Keable, Managing Director, Cain International

Located in Manchester’s growing academic district on First Street, the new 14-storey development will provide 576 beds in a mix of four-to-six-bedroom clusters or ‘Houses’ which will be complemented by shared open-plan kitchens and lounge areas, and access to a dedicated gym.

Central to the House of Social brand proposition, the new scheme will feature a 14,000 sq ft destination food hall on the ground floor, with five independent kitchens celebrating the very best of Manchester’s emerging street food and restaurant culture. 

“Closing this agreement with Cain enables us to bring the House of Social vision to life for the first time in Manchester. Centred around a destination foodhall, House of Social will service Manchester’s undersupply of student accommodation with 576 student beds designed for Manchester’s more independently minded students who traditionally find themselves in HMOs and private rentals on the outskirts of the city.”

Mick Slater, Chief Financial Officer, Vita Group

This loan marks Cain’s sixth transaction with Vita and its second in Manchester since 2020. The partnership recently expanded its activity to continental Europe, through Cain’s sponsorship of Vita’s flagship PBSA development in Madrid. To date, the partnership has supported the delivery of over 4,000 beds across the UK and Europe.

This transaction also adds to Cain’s expanding portfolio in the alternatives residential sector. Last year, Cain arranged over £425m specifically towards this sector across the UK and Europe, covering a variety of projects including care homes, PBSA and Build to Rent developments.