HSBC 海角视频 has provided 拢20m of finance for refurbishment work on six student accommodation sites across the 海角视频, including one in Cardiff.
The assets consist of six existing purpose-built student accommodation (PBSA) sites, totalling just under 3,000 beds. PGIM Real Estate acquired the assets from Unite last year in a deal also backed by HSBC 海角视频.
The rolling refurbishment programme will modernise each site. North Court in Cardiff will be the first to be refurbished followed by sites in Sheffield, Nottingham, Birmingham, Leicester and Liverpool.
Kevin Dawson, relationship director at HSBC 海角视频, said: 鈥淚n a market which is dominated by brand new buildings, we recognised PGIM Real Estate鈥檚 innovative approach. We fully engaged with the PGIM team to develop a new financing approach for the sector that allowed the business the flexibility to acquire the portfolio and undertake the necessary works.鈥
Moreover, Fusion Group is seeking a funding partner for four planned PBSA schemes in the 海角视频, including one in Cardiff.
It has appointed property advisory firm JLL, to market the investment opportunities, with the potential for a longer strategic relationship with Fusion to expand their collection of properties. The portfolio comprises four prime assets, which has yet to be built but have planning consent located in Birmingham (622 beds), Loughborough (541 beds), Glasgow (619 beds), and Cardiff (706 beds).
Nigel Henry, chief executive of Fusion Group, said:鈥淭he launch of the next phase of developments, alongside our living sector operating platform, underscores our commitment to delivering a consistent experience from development to operations.
"With these new projects, as well as our current developments set to open in September this year and 2026, we are expanding our portfolio to 6,000 beds under the Fusion brand and operating platform, with an assessment under management exceeding 拢1.3bn. Fusion emphasises design for positive living, and these latest strategic moves mean we can ensure that our communities continue to receive the same quality and attention that we put into designing and building them.鈥
Huw Forrest, head of 海角视频 Student Housing at JLL, said, 鈥淲e are delighted to be working with Fusion Group on this exciting new chapter in their journey and believe they will present a significant opportunity for investors to benefit from what Fusion do best; strong site selection,100% success on planning and developing highly attractive PBSA schemes that focus on the living experience. The portfolio offers investors the chance to acquire premium assets in prime university locations with strong supply-demand fundamentals.鈥
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