Barclays backs second Campus Living scheme
CAMPUS Living Villages, the Australian student accommodation specialist which launched its UK operation in the North West, has secured more than £27m in funding for a new development.
The company, which is the largest international provider of on-campus student accommodation, entered the US market with a deal with the University of Salford in December 2008.
Its second project in this country – funded by Barclays Corporate in Manchester – will see it build 850 beds for the University of Bedfordshire at its Park Square Campus in Luton.
Barclays funded the original Salford deal and Campus Living Villages now manages 1,400 student residences in four accommodation buildings in partnership with the University.
The 850 new beds at the University of Bedfordshire campus will be delivered in two phases between August 2011 and 2012 and will include a range of en-suite rooms, and studios, as well as communal areas for socialising and study.
The funding was arranged by Lisa Attenborough, associate director, and Russell Petrie, manager, structured property finance team supported by Kevin Harwood, property relationship director at Barclays Corporate in Manchester.
Gary Clarke, chief executive of Campus Living Villages UK said:”Campus Living Villages is delighted to have won the contract for such a significant project in the midst of very challenging times and it is testament to our strong relationship with Barclays Corporate.”
Kevin Harwood, property relationship director for Barclays added: “Although the economic challenges are global the property market remains local and there will always be opportunities.
“The student market is rather buoyant at the moment as student numbers continue to soar and the demand for quality new accommodation is also very high.”
Barclays Corporate was advised by Martin O’Shea, Richard Chandler and Caroline Hilton at law firm Addleshaw Goddard’s Manchester office. Osborne Clarke acted as legal advisor and Davis Langdon as technical advisor to Campus Living Villages. Kier Marriott has been appointed as construction partner.
