Eldridge Real Estate Credit has provided 拢200m (鈧�241.8m) worth of debt facilities to Vita Group for the development and construction of a 1,068-unit UK purpose-built student accommodation scheme.
Eldridge has provided the loan for the 48-storey development in Canary Wharf, London, its eighth financing deal with Vita Group.
John Cole, global head of real estate credit at Eldridge Capital Management, said: 鈥淥ur continued partnership with Vita Group represents an important step in tackling the pressing need for purpose-built student housing, while also supporting the transformation of Canary Wharf into a vibrant residential area.
鈥淎s the UK鈥檚 largest student market, with 42% of its population coming from overseas, London faces a significant shortage of high-quality accommodation. This development will help address that gap, providing a first-class living experience in one of the world鈥檚 foremost education hubs.鈥�
Ioannis Verdelis, CIO of Vita Group, said: 鈥淲ith its prime location in Canary Wharf and an unmet demand for student accommodation, this project represents an exciting opportunity to introduce Vita鈥檚 exceptional living experience to a new market.
鈥淥ur focus on creating vibrant communities, supported by high-specification amenities and services, ensures that students thrive both academically and personally,鈥�
Tide Construction, the developer and contractor, expects to complete construction in September 2028, representing their second project with Vita Group.
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