Vita Group has secured the provision of c.£100m in debt facilities from Eldridge Real Estate Credit for the development and construction of a new purpose-built student accommodation (PBSA) scheme in Glasgow, which secured planning permission in December 2024.
This project marks the team’s ninth financing transaction with Vita Group, bringing its total support to nearly £1bn (including current and redeemed facilities) across the delivery of nearly 7,000 student housing units.
“The UK has gained nearly half a million full-time students since 2012, and today there is only enough student housing for approximately 50% of them. This development, and our continued partnership with Vita, takes a meaningful step toward addressing the pressing need for high-quality student accommodation, and furthers our commitment to this rapidly growing marketplace.”
John Cole, Global Head of Real Estate Credit, Eldridge Capital Management
The 18-storey development will deliver 591 studio apartments ranging from 18 sqm to 29 sqm which include fully equipped kitchens. Amenities will include a fitness centre, a cinema and games room, as well as dedicated study spaces and high-speed internet, ensuring a best-in-class living experience for residents.
Vita Group’s tailored services will also enhance the offering, providing a social events calendar, contents insurance, concierge services, career tools, and fortnightly room cleaning.
Construction is expected to be completed in July 2027, with McAleer & Rushe serving as developer and contractor.
“With a location perfectly situated between leading universities, this project marks a continuation of our investment in Glasgow and aims to alleviate some of the pressures felt across the city as a result of Glasgow’s growing population. We remain focused on creating vibrant living and learning communities for students that enable them to thrive during this exciting period in their life.”
Pete Shipley, Finance Director, Vita Group
Located on India Street, the PBSA scheme is just northwest of Glasgow city centre, with the University of Glasgow and Glasgow Caledonian University reachable within 30 minutes. Residents will also enjoy quick access to transport links including the Glasgow Central railway station and the Glasgow Subway, as well as entertainment found along Sauchiehall Street.
