Vita Group secures €117m from Eldridge for UK PBSA project

Alternative investment firm Eldridge Real Estate Credit has provided  £100 mln (€117 mln) in financing to PBSA provider Vita Group for a 591-bed student housing development in Glasgow, UK.

20 India Street

This India Street development, just northwest of downtown Glasgow, is a short walk or commute from both the University of Glasgow and Glasgow Caledonian University. Residents can also easily access transportation, including Glasgow Central Station and the Subway, and enjoy the entertainment options on Sauchiehall Street.
This deal marks the ninth collaboration between Eldridge and Vita Group, with Eldridge's total investment in Vita's student housing projects nearing £1 bn (€1.2 bn), supporting the development of almost 7,000 units.
John Cole, global head of Real Estate Credit, Eldridge Capital Management, said: “The UK has gained nearly half a million full-time students since 2012, and today there is only enough student housing for approximately 50% of them. This development, and our continued partnership with Vita, takes a meaningful step toward addressing the pressing need for high-quality student accommodation, and furthers our commitment to this rapidly growing marketplace.” 
Pete Shipley, finance director, Vita Group, added: “With a location perfectly situated between leading universities, this project marks a continuation of our investment in Glasgow and aims to alleviate some of the pressures felt across the city as a result of Glasgow’s growing population. We remain focused on creating vibrant living and learning communities for students that enable them to thrive during this exciting period in their life.” 
This 18-story building, slated for completion in July 2027 by developer and contractor McAleer & Rushe, will offer 591 studio apartments, ranging from 18 to 29 m2. Each apartment will include a fully equipped kitchen. Residents will also enjoy top-tier amenities such as a fitness centre, cinema, game room, study spaces, and high-speed internet. Vita Group will further enhance the living experience with services including social events, contents insurance, concierge service, career resources, and bi-weekly cleaning.