Dominus & Cheyne Capital secure €293m for UK student hub

Real estate investor, developer and operator Dominus, along with global alternative investment manager Cheyne Capital, has secured €293 mln (£250 mln) in development financing from Standard Chartered.

This funding will support the conversion of a former office building at 65 Fleet Street in London into a student living scheme.

The 13-story, 34,374.9 m² development will feature 875 student rooms, with 35% designated as affordable housing, capped by the Mayor of London. It will also include extensive amenities such as private dining, a gym, and wellness facilities, along with social and study spaces. Strategically located near major universities like King's College London, LSE, and UCL, the scheme aims to address the growing demand for student accommodation in the capital, which saw over 475,000 full-time students in 2024/25.

Beyond student housing, the project will incorporate cultural spaces on the ground and lower ground floors, including the careful restoration of the Grade II-listed Tipperary pub—London's oldest Irish pub—and improved public access to the Grade II-listed Whitefriars Crypt.

Emphasising sustainability, the development adopts a retrofit-first approach, retaining 75% of the original structure, and targets a BREEAM Outstanding rating and CRREM alignment. With Gateway 2 approval already secured, construction is underway by HG Construction, aiming for completion by summer 2028, ready for the 2028/29 academic year. Upon completion, 65 Fleet Street will join Dominus's operational student portfolio, contributing to a total of 2,300 beds across three central London locations.

Preet Ahluwalia, CEO of Dominus, said: “London remains a world-leader for higher education, with four of its universities ranked in the top 60 globally, yet it has an ongoing structural shortfall of accommodation to meet student demand. We are delighted to be partnering with Cheyne Capital and Standard Chartered on this financing.”

Hamish Gordon, director in Cheyne Capital’s Real Estate Group, commented: “We continue to see strong opportunity in London’s PBSA market, driven by growing demand for high-quality, city-centre student accommodation.”

Shane Moore, head of Commercial Real Estate, EMEA, Standard Chartered, added: “The scheme is well positioned in a supply-constrained central London market, underpinned by sustained demand from one of the world’s leading higher education hubs. This transaction reflects our continued support for high-quality developments in the living sector across Europe.”