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Commercial Property

HSBC provides 拢20m to upgrade student accommodation schemes from PGIM Real Estate

Fusion Group has also brought four schemes with planning, including one in Cardiff, to maket

Student accommodation

HSBC 海角视频 has provided £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: “In a market which is dominated by brand new buildings, we recognised PGIM Real Estate’s 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.”

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:“The 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 £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.”