DML Development Managers was named the delivery partner and a co-investor having steered the project through planning.
The contractor Robertson, which began work on the scheme in Q1 2019, has been hired to complete in Q2 2020 for the start of the academic year.
The project is intended to meet rising demand for student housing in the city, which has been driven partly by a 32 per cent rise in the number of Chinese students accepted onto courses.
“This is an exciting transaction for us. UK PBSA is emerging as a major asset class as institutional investors recognise how rewarding, yet defensive, it can be,” said Sky Mapson, head of deal origination at Maslow Capital.
Ben Hall, head of investment at QIP, added: “The team at Maslow Capital has very strong market expertise and product knowledge. They take a highly practical approach to get deals over the line.”
Private equity-backed QIP completed a PBSA scheme in Sheffield in 2017. The firm said it anticipated developing 600 units in 2019 and doubling this in 2020.
Robertson has previously delivered PBSA projects including 437 units in Nottingham.
Lender supports planning success
Meanwhile down south, Investec Structured Property Finance has agreed to loan £25m to James Taylor Homes to redevelop what was Antionette Hotel in Kingston upon Thames into 89 residential units (architects design pictured).
The loan is for 33 months at 53 per cent loan to cost and represents James Taylor Homes’ second largest project to date.
The lender said it “supported the client through a challenging planning process to increase the number of units by 12 per cent.”
“Our understanding of the quirks and pitfalls of brownfield sites enabled us to provide additional support throughout the process tackling complex issues,” said Will Scoular, co-head of origination at Investec Structured Property Finance.
“Investec’s guidance and expertise across various segments has been invaluable to assisting our growth during the past decade,” added Emil Sohrab, James Taylor Homes chief executive.