The Bank of London and The Middle East (BLME) has provided £45m financing to support two purpose-built student accommodation (PBSA) schemes in York and Nottingham – backed by private equity real estate manager Urbium Capital.
The financing arrangement has been split between a new-build development in York and the refinancing of an operational scheme in Nottingham.
After Urbium Capital reached practical completion at the scheme in 2024, BLME provided £26.3m in refinancing for the 293-unit The Arcadian in Nottingham. This follows an earlier 18-month development loan from BLME in June 2023 following Urbium Capital’s forward funding agreement with Metropolitan & District Securities (MDS), the developers, in February 2023.
Amenities include high-speed internet connectivity, dedicated study areas, a fitness centre and communal spaces. Managed by Homes for Students under its Evo brand, The Arcadian is currently fully let for the 2024/2025 academic year, with strong demand already reported for the 2025/2026 term.
In January 2025, HiiLIFE also completed a £50,000 installation of new technology systems for the amenity spaces, shared kitchens and studios at the development.
“These financings represent another step in our strategic partnership with BLME and reflect Urbium Capital’s focus on delivering high-quality residential assets for our international investor base.”
Suliman Aujan, Founder and CEO, Urbium Capital
The York-based scheme is managed by a subsidiary of the Urbium Living Fund I and has secured an £18.5m development loan over 20 months.
Set to complete by mid-2026, the PBSA development will comprise 131 studio apartments and two one-bedroom units. Located near the city centre, the scheme is within easy reach of the University of York and York St John University, catering to the student population in the area.
“These deals highlight the continued resilience of the PBSA sector and demonstrate BLME’s ability to support both the delivery and long-term ownership of high-quality student housing through tailored finance solutions.”
James Procter, Director of Real Estate Finance, BLME
Urbium Capital specialises in residential and student housing developments across the UK, supported by a global investor base that includes institutional capital from the GCC region.
