Two student accommodation projects set for completion for the 2022/23 academic year have secured the required forward funding of £43.8 million by major diversified real estate investor Barings.
Managed by award-winning developer Alumno, the properties will provide must needed accommodation for students based in Manchester and Bermondsey in London.
The 4,600 square metre project on Bermondsey Spa Gardens is Alumno’s fourth development in the London Borough of Southwark and will provide fully integrated facilities for 143 students. These include high-quality rooms with shared amenities, such as a basement cinema lounge, study room and community area. The site is located close to Bermondsey underground station with good access to several world renowned higher educational institutions. HG Construction, which recently completed Alumno`s latest project in Norwich, has been appointed as the main contractor.
In line with Alumno’s policy of delivering key benefits to the local communities adjacent to its projects, the developer is working with a Bermondsey nursery to help with a historical legacy book, as well as refurbishing a playground, and collaborating on an innovative wayfinding scheme to help visually impaired students find their way around the area.
The 1,449 square metre central Manchester development will comprise 62 studio apartments, along with a communal area, rooftop terrace, office and feature storage space for 12 bikes. It is located within the campus of Manchester Metropolitan University, with the Manchester University Campus close by. Alumno is also partnering with charity One Manchester to raise £50,000 for local projects, and is again helping to fund a wayfinding project. GMI Construction Group has been appointed the main contractor on this scheme.
In both cases, Alumno will commission new art to enhance the public spaces around each building, another trademark of all its developments.
“We are absolutely delighted to have concluded this agreement with Barings, a world leading real estate investor,” said David Campbell, Founder and Managing Director of Alumno. “This is a huge boost for our business coming into 2021. It also highlights the confidence in bringing forward major investment into the purpose-built student accommodation (PBSA) sector, which has again demonstrated its resilience during these challenging times.”
Commenting on the funding, Darren Hutchinson, Managing Director – Head of UK Real Estate Transactions at Barings, said: “These are two high-quality PBSA assets in very strong locations in London and Manchester. Both London and Manchester are undersupplied markets supported by strong universities and a deep occupier demand. We are excited to work with Alumno to create well-designed, contemporary accommodation that will appeal to a wide range of students.”