Investec backs Cardiff PBSA with £19m loan

Crosslane Howard Gardens in Cardiff

Investec Structured Property Finance has backed Crosslane Property and Harrison Street Real Estate’s development of a 391-bed purpose-built student accommodation scheme in Cardiff with a £19.4m senior loan.

The Howard Gardens scheme is the fifth development under Crosslane’s joint venture with Harrison Street, and brings the total gross development value of the duo’s portfolio to £180m across 1,685 beds.

Investec has provided £19.4m debt financing for the development of the Cardiff scheme, at which construction has begun today, in addition to £59m it is already providing for the development of the JV’s Coventry, Portsmouth and Swansea schemes. The JV, originally announced in January, has a fifth scheme now underway in Leeds, funded by Yorkshire Bank.

This content is only available to registered users

You must be logged in to continue

Gated access promo

Would you like to read more?

Register for free to finish this article.

Sign up now for the following benefits:

  • Four FREE articles of your choice per month
  • Breaking news, comment and analysis from industry experts as it happens
  • Choose from our portfolio of email newsletters

To access this article REGISTER NOW

Would you like print copies, app and digital replica access too? SUBSCRIBE for as little as £5 per week.

Registered users and subscribers SIGN IN here to continue