Rothesay provides €462m refinancing for Unite Group

UK pensions insurer Rothesay has invested £400 mln (€462 mln) in an eight-year facility within the purpose-built student accommodation (PBSA) sector.

Unite Students - Jubilee House

This investment refinances a public securitisation for the Unite UK Student Accommodation Fund (USAF), managed and operated by the Unite Group.
Rothesay's investment is backed by a portfolio of 23 high-quality PBSA properties situated across 15 UK cities.
Harish Haridas, head of Commercial Real Estate at Rothesay, said: “Rothesay’s in-house asset management and origination teams are dedicated to delivering high-quality, long-term investments like this, providing real retirement security for the over one million people whose pensions we protect. We’re pleased to complete this investment with the Unite Group and continue to grow our support for the higher education sector, which plays a vital role in the UK economy.”
Gary Leadbeater, director of Group Treasury and FP&A at Unite Group, added: “It was great to partner with Rothesay on this transaction – they were very diligent while also being pragmatic throughout the process. This new £400 mln loan will increase available liquidity and keeps us well-positioned to deliver on our strategy, all while keeping our average cost of debt in line with expectations.”
The Unite Group, a major UK player in PBSA, owns, manages, and develops approximately 68,000 beds across 153 properties. The USAF stands as the largest specialist student accommodation fund in the UK.