Vita Group has secured a loan of around 拢100m (鈧�117.6m) from Eldridge Real Estate Credit for the development and construction of a 591-unit purpose-built student accommodation (PBSA) project in Glasgow, UK.
Eldridge said the 18-storey Glasgow project represents the ninth financing transaction with Vita Group, bringing their total financial support to nearly 拢1bn across the delivery of almost 7,000 student housing units, including both current and completed facilities.
John Cole, global head of real estate credit at Eldridge Capital Management, said: 鈥淭he 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.
鈥淭his 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.鈥�
Pete Shipley, finance director, Vita Group, said: 鈥淲ith 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鈥檚 growing population.
鈥淲e remain focused on creating vibrant living and learning communities for students that enable them to thrive during this exciting period in their life.鈥�
The project is scheduled for completion in July 2027.
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