Kexgill Group has secured a further £11.2m loan, from Aldermore Bank, to refinance recently developed purpose-built student accommodation (PBSA) projects.
The company owns and self-manages a significant number of student accommodation beds throughout England and parts of mainland Europe, and this new development will see the addition of over 170 beds to its existing portfolio.
“We’re thrilled to have Aldermore’s continued support as we expand our student accommodation portfolio in prime locations across England.
“This funding enables us to build on our success, and we’re delighted to see our partnership with Aldermore go from strength to strength.
“Having a lender with deep expertise, a proven track record in financing complex deals, and a genuine understanding of our needs and ambitions makes all the difference.”
Richard Stott, Managing Director, Kexgill Group
This new deal brings Aldermore’s total lending with Kexgill to £58.5m, which has helped to enable Kexgill’s growth ambitions, to create student living at scale across the North of England.
In August last year, the company also completed a refinancing deal with Aldermore for seven of its PBSA assets which are trading as the University Quarter®.
“It’s great to be backing Kexgill once again and provide them with the tailored finance they need.
“Student accommodation developments can be complex, which can mean some traditional lenders can turn their backs on this sector.”
Michael Graham, CRE Business Development Manager, Aldermore
