REDITUM CAPITAL COMPLETES ON BRIDGE FACILITY FOR ACACIA GARDENS PBSA SITE
Reditum Capital is pleased to announce the completion of a short-term bridge facility to Built 4 Learning Ltd for the acquisition of Acacia Gardens, a part-built PBSA site in Stoke-on-Trent. The facility, agreed and provided within a compressed timeline, will enable the borrower to purchase the site out of administration and move forward with the development of the student scheme, ideally located within walking distance of Keele and Staffordshire universities.
Upon completion, Acacia Gardens will comprise 273 units: 137 studio units, 14 accessible rooms and 122 cluster rooms of high specification over 6 storeys with tenant amenities such as a gym, cinema room, various meeting rooms, concierge, and onsite basement parking. The borrowing entity is led by directors with a long track record of successful student developments who quickly recognised the value of Acacia Gardens and determined a strategy for completing the project. At point of acquisition out of administration, construction for the site is already well commenced, and Built 4 Learning Ltd possess the expertise necessary to bring the development to completion.
Mark Stephen, Managing Director of Reditum Capital, said: “Reditum Capital’s ability to rapidly deploy this bridging facility will enable the borrower to unlock the value of Acacia Gardens and press forward with development plans. Stoke-on-Trent remains one of the UK’s largest student centres with over 25,000 full-time students, and upon completion, Acacia Gardens will provide high-quality housing accommodation to this underserved market.”
The PBSA asset class both in the UK and Europe remains a strong focus for Reditum Capital, with record UK student applications during the 20/21 term stimulating high levels of demand for student housing accommodation. As we enter more of these type of transactions over the coming months, both on a short-term and longer-term basis, we will keep our investor base apprised of key opportunities as they arise.