Quintain Estates and Development has agreed to forward fund a student accommodation scheme in the City of London.

The agreement with Rocket East Road Developments, made through its Corsham Street Student 1 subsidiary, will see it provide finance of between £48m and £121m, depending on the final size of the scheme and planning consents received.

Undersupply

The deal has been structured as a deferred purchase of the long leasehold interest from current owners, who will retain the development cost risk.

Tonianne Dwyer, an executive director of Quintain and the head of Quintain Fund Management, said: 'This scheme represents a significant opportunity to secure a major student accommodation scheme in London - one of the UK's most under-supplied markets for high quality bespoke student accommodation.

‘Backed by the strong market fundamentals, we are confident that this asset will offer considerable capital and income growth potential.'

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