Funding secured for £50m city centre development

A £50m student property development in Birmingham city centre has secured its funding as it looks to welcome students in two years’ time.

London & UK Property has secured funding from Hyde Park Finance Limited and PGIM for its Ivy League Student Living branded development. Seed corn funding was provided by Prosperity Capital Partners.

520 student rooms are being built on the former Globeworks site in Cliveland Street, close to Aston University and Birmingham City University.

Work began late last year and completion is scheduled for June 2019.

“Our scheme responds to a need for student beds in this area of the city,” said Mike Stares, chief executive at London & UK Property.

“The Birmingham student accommodation market is in good health and we continue to be on the lookout for good sites, not just in Birmingham, but throughout the UK.”

London & UK Property selected The Nido Collection as the operator for the completed accommodation. The Nido Collection also had an input into the upgraded planning approval that London & UK Property Limited secured for the development in March 2017.