Pluto Finance funds €38.5m Cardiff PBSA transformation

Pluto Finance has provided a £33 mln (€38.5 mln) loan to Urban Centric and Housing Growth Partnership.

Cardiff office building - Pluto Finance

This funding will convert an old office building in Cardiff into a 310-bed purpose-built student accommodation (PBSA) with commercial space on the ground floor.
The project prioritises ESG principles, including: low-carbon construction that significantly reduces embodied carbon compared to new builds; an EPC A rating through the use of solar panels, air source heat pumps, and battery storage; smart energy management with Utopi monitoring and LED lighting; and a 100% electric building with no fossil fuel use.
This development will offer students study, social, and fitness facilities, while also making more traditional housing available for residents. 
Pluto Finance also collaborated with Glovers, Colliers, and MDA on this project.
Jonathan Scott, lending director at Pluto Finance, commented: “This project not only meets the high demand for quality student housing in Cardiff but also sets a new standard for sustainable development. Its impressive ESG credentials, from renewable energy to significant carbon savings, align perfectly with our commitment to funding environmentally conscious projects.”
 Andrew Woods, managing director at Urban Centric, added: “Securing this finance from Pluto Finance is a pivotal step for this landmark development. Their team understood our vision and the importance of the project’s sustainability goals. This scheme will provide an outstanding living experience for students, fostering wellbeing and community, while also easing pressure on Cardiff’s local housing market.”