Lucy Cavendish College (LCC), Cambridge, in partnership with funding provider Macquarie Asset Management, has taken a significant step forward in its expansion plans with the acquisition of 355-studio purpose-built student accommodation (PBSA) bedrooms at Castle Street, Cambridge.
The move underpins the College’s long-term commitment to growth, inclusion and providing high-quality, modern accommodation for its students.
“The acquisition of the Castle Street accommodation is a significant step forward for Lucy Cavendish College. It brings us closer to our goal of providing high-quality accommodation and pastoral care to all our students, many of whom come from underrepresented and disadvantaged backgrounds. This purchase supports our mission to be one of the most dynamic and inclusive colleges within the University of Cambridge.”
Tony McNiff, Bursar, Lucy Cavendish College
The acquisition of the Castle Street property, previously occupied by the College under a three-year lease, represents a strategic milestone in LCC’s development. It brings the total number of rooms under its control to around 600 following significant growth to over 1,000 students in recent years.
“The Castle Street property provides vital accommodation infrastructure for Lucy Cavendish College and is a key component of its estate strategy in an undersupplied Cambridge student accommodation market. We are delighted to support LCC’s overall mission and purpose, and enable this acquisition via a bespoke, long-term financing solution.”
Hugo James, Managing Director, Macquarie Asset Management
The property was acquired from Arlington Advisors’ clients, with long-term funding arranged by Macquarie Asset Management on behalf of its institutional clients.
LCC was advised by Barr Ellison and Arlington Advisors was represented by Beachrock. Macquarie Asset Management was advised by Addleshaw Goddard and Marle Place Property. The transaction was facilitated by Bidwells, who advised LCC throughout the process.
“The Castle Street acquisition highlights LCC’s strategic approach to meeting the evolving needs of its student body while reinforcing its position as a leading institution within the Cambridge University ecosystem.”
Colin Summers, Partner Capital Markets team, Bidwells
LCC has a 60-year history of opening the door to disadvantaged students. Originally an institution founded for mature women which transformed their life chances, the College decided to admit students from all ages and genders from September 2021.
Most undergraduate students are drawn from underrepresented, disadvantaged or historically excluded backgrounds.
