Macquarie Real Estate Lending has provided a £35m stretch senior financing facility for Victus European Student Accommodation Fund.
The facility was structured flexibly to allow for an equity release to fund future developments as well as to enable Victus to refinance existing property development debt.
The financing, which was executed in six weeks, is Macquarie’s second student housing deal in 18 months. It provided financing forKing Square Studios, Bristol, in October 2013.
Neil Hasson, the European head of Macquarie Real Estate Lending, said: “The high calibre of their projects and the solid outlook for the student accommodation sector allowed us to structure the loan to assist the borrower in pursuing ongoing development opportunities.”
The debt facility is secured against three buildings in Bristol and Newcastle, two of which recently achieved practical completion and are fully rented with the third building due to be completed towards the end of 2015.
Victus chairman Andrew Henton said: “Macquarie Lending’s ability to execute bespoke and complex deals meant that this facility was structured in a way that supports our overall strategic direction.”
Cordet partnered with Macquarie to fund a minority portion of this refinancing facility.