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.

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