Puma provides £20m loan for Exeter co-living scheme

Puma Property Finance has extended a £20 mln (€23.5 mln) loan to McLaren Property, a developer of residential and student accommodation. 

Summerland Street, Exeter

This funding will support the creation of a 145-studio co-living complex in Exeter city centre.
The development, spanning 5,388 m2 across six floors (ground plus five upper stories), will offer premium amenities. These include co-working spaces, lounges, a content room, a snug, private dining facilities, a gym, a wellness studio, and a rooftop terrace complete with a kitchen diner.
Located on Summerland Street in northeast Exeter, the project is designed with sustainability in mind. It aims for EPC A and BREEAM Excellent ratings, incorporating features like solar panels, air source heat pumps, mechanical ventilation with heat recovery, and storage for 74 bicycles.
Construction is slated to begin in early 2026. This marks the first collaboration between Puma and McLaren Property, a developer known for successfully delivering over 8,300 purpose-built student accommodation (PBSA) beds. McLaren Property, Living, and Regeneration collectively boast a pipeline worth £4.8 bn (€5.6 bn) across 41 sites, encompassing 17,500 homes.
Construction is slated to begin in early 2026. This marks the first collaboration between Puma and McLaren Property, a developer known for successfully delivering over 8,300 purpose-built student accommodation (PBSA) beds. McLaren Property, Living, and Regeneration collectively boast a pipeline worth £4.8 bn across 41 sites, encompassing 17,500 homes.
Oliver Westray, development director, McLaren Property, commented: “We are thrilled to be partnering with Puma Property Finance for the first time on this exciting co-living development in the heart of Exeter. Their understanding of the living sector and pragmatic, collaborative approach has been evident throughout the process.  Exeter is a compelling market for high-quality co-living, and this development will deliver a sustainable, amenity-rich product that meets the needs of today’s renters.”
Kent Lawrence, senior manager at Puma Property Finance, added: “We are delighted to be supporting McLaren Property on this high-quality, amenity-rich co-living development. The scheme’s strong ESG credentials, flexible occupancy profile and city centre location combine to create a compelling proposition. It aligns perfectly with our strategy of backing experienced sponsors to deliver sustainable living spaces across the UK.”