VITA Group has secured a loan of around £100 million from Eldridge Real Estate Credit for the build of a 591-bed purpose-built student accommodation scheme in Glasgow.
The project will mark the ninth financing transaction between the two companies, bringing the total support to almost £1 billion and the delivery of nearly 7,000 student rooms.
The latest scheme will be built on Glasgow’s India Street by McAleer & Rushe, with construction anticipated to be completed in July 2027. The 18-storey development will feature 591 studio apartments ranging from 18 sq m to 29 sq m.
A range of amenities will also feature in the building including a fitness centre, cinema, games room, dedicated study spaces, and fully-equipped kitchens. Vita Group will also provide a social events calendar, contents insurance, concierges, career tools, and room cleaning.
John Cole, global head of real estate credit at 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 at 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.”
