Ace Student Living (ACE) has completed a £37.6m commercial mortgage facility with Aldermore to support the refinancing and strategic development of its premium purpose-built student accommodation (PBSA) portfolio.
The funding covers a diverse range of PBSA assets located across five UK cities – Southampton, Exeter, Plymouth, Winchester and Falmouth – enabling Ace to enhance its estate to better serve the growing demand for high-quality student accommodation.
“We’re delighted to have provided this significant commercial mortgage to a highly experienced PBSA developer and operator. We structured a bespoke facility which raises capital for other projects and gives the directors the flexibility to enhance the portfolio as opportunities arise.
“With Javaid and Paul’s experience spanning over two decades in residential and PBSA development, and our expertise in the PBSA sector, we were able to work together to provide a bespoke debt solution which we were able to deliver within the tight timescales required with the support of our professional team.”
Caroline Baker, Business Development Manager for Commercial Real Estate, Aldermore
Ace, established in 2020, is led by seasoned property developer and former IBM UK CEO Javaid Aziz, alongside ex-HSBC and tech executive Paul Aziz. The company’s strategy centers on developing and operating high-quality PBSA assets in strong university towns and cities in the South West of England.
“We were impressed with the management team at Aldermore; their knowledge, professionalism and attention to detail. We look forward to partnering with them for continued growth and success.”
Javaid Aziz and Paul Aziz, CEO and COO, Ace Student Living
