Investec Bank has provided a £26 million senior debt facility to Moorfield Group for its 204-bed purpose-built student accommodation (PBSA) development in Bristol.
Earlier this month, Moorfield Group had entered into a joint venture with Tiger Developments to deliver the scheme that is set to have a gross development value of £60 million.
Investec has previously provided £34 million of development funding to Moorfield for PBSA schemes in Lincoln and Colchester.
Mike Russell, real estate finance specialist at Investec, said: “This transaction highlights our continued appetite to fund best-in-class living sector developments alongside proven sponsors, in markets with compelling demand-supply dynamics.
“It also extends our partnership with Moorfield, following our £15.6m financing of a 293-bed PBSA scheme in Lincoln, which was completed at the end of 2023, and our £18.97m committed loan facility to fund the acquisition and development of a 282-bed PBSA scheme in Colchester, Essex.”
Chris Perera, head of origination at Moorfield, said: “This latest financing with Investec will help us deliver another high-quality PBSA asset, providing much-needed accommodation for Bristol’s growing student population.
“Investec’s deep understanding of the sector and flexible approach makes them a trusted long-term partner, and we are pleased to continue building on our relationship through this flagship development.”
The scheme is expected to be complete for the start of the 2027 academic year.
Host, Tiger Developments’ student focussed operational business, has been appointed to manage the scheme upon completion.
Image: Chapman Taylor
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