Lucy Cavendish College, a constituent college within the University of Cambridge, has secured a £47.3m loan from Just Group to finance its student housing expansion, including the development of its recently acquired Castle Street site in Cambridge.
The 45-year inflation-linked loan – completed in December 2024 – will be used to fund a long-leasehold interest in the Castle Street property, undertake refurbishment works, refinance existing debt and general corporate purposes.
“Just Group is proud to be financing Lucy Cavendish College as it advances its vital mission in education.
“In line with our long-term investment strategy and responsible investment framework, we are committed to supporting similar projects that drive social impact and achieve long-term value for our policyholders and other stakeholders.”
David Ramroop, Chief Investment Officer, Just Group
The funding was provided to The President and Fellows of Lucy Cavendish College, with the investment originated by Macquarie Asset Management, one of the Just Group’s key partners.
“We are delighted to support institutions, such as Lucy Cavendish College, that are dedicated to delivering meaningful social impact. This investment will provide more opportunities for students from disadvantaged and under-represented backgrounds to receive a top-rate further education at a world-class University, supporting their long-term futures.”
Nikola Valkov, Deal Lead], Just Group plc
The investment aims to help the College and University’s collective aim of increasing the number of students from disadvantaged and underrepresented backgrounds.
As of 2024, 76% of undergraduates are from the UK – of which 91% are from state schools, the highest amongst Cambridge Colleges and compares to a 63% average at University level.
“The acquisition of the Castle Street accommodation is a significant step forward for Lucy Cavendish College. It brings us closer to our goal of providing high-quality accommodation and pastoral care to all our students, many of whom come from underrepresented and disadvantaged backgrounds.
“This purchase supports our mission to be one of the most dynamic and inclusive colleges within the University of Cambridge.”
Tony McNiff, Lucy Cavendish College
Castle Street includes 355 studio bedrooms. Each room is designed as a spacious studio apartment, fully furnished and thoughtfully equipped with a kitchenette and ensuite shower room. It offers students the comfort and privacy of their own space whilst promoting independent living and convenience.
Amenities include communal study space alongside communal spaces including a pool table, table tennis table, gym and an outdoor courtyard. Other facilities include a laundry room.
“The Castle Street property provides vital accommodation infrastructure for Lucy Cavendish College and is a key component of its estate strategy in an undersupplied Cambridge student accommodation market. We are delighted to support the College’s overall mission and purpose, and enable this acquisition via a bespoke, long-term financing solution.”
Hugo James, Managing Director, Macquarie Asset Management
