Investec loans €101m to GSA to refinance five PBSA properties

Financial services provider Investec has loaned student housing provider Global Student Accommodation (GSA) £86.5 mln (€100.9 mln) to refinance five established student accommodation properties in England. 

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The loan covers 1,460 beds across university cities London, Nottingham, Newcastle, Sheffield, and Lincoln, managed by partner Yugo.
Two of the assets have recently undergone targeted refurbishments to update the bedrooms and communal spaces.
This is the second collaboration between the two companies.
Sebastian Walley, Investec Real Estate, commented: “Despite economic headwinds, the investment case for UK PBSA remains compelling, driven by global demand for places at our world-renowned higher education institutions. This deal further underscores our confidence in the sector’s resilience, whilst aligning with our strategy to increase our lending volumes by writing more large ticket loans.”
John Jacobs, Global Head of Capital Markets at GSA, added: “Investec’s expertise, commitment and focus on supporting high-quality assets and experienced operators make them an ideal partner as we execute our long-term growth strategy. This deal not only reinforces Investec’s position as a leading lender in the PBSA market but also highlights the continued confidence in PBSA as a resilient and attractive asset class.”
Investec has a strong track record in student housing finance, having lent over £1.15 bn (€1.34 bn) to the sector since 2011. Investec has financed over 22,000 student beds across 62 projects in 26 cities, working with 24 clients, such as Scape, Student Roost, and Watkin Jones.