£26m loan to fuel Warwick student scheme
Torsion Group has secured a £26.2m loan for the development of a purpose-built student accommodation (PBSA) scheme, near the University of Warwick.
The funding from development finance lender Atelier will drive forward the creation of 196-studios, a gym, cinema and rooftop terrace, ready for the academic intake of September 2025.
Two of these schemes, which are located in Leeds (Trapezium, Leeds – 91 beds) and Nottingham (One Hockley, Nottingham – 131+6 beds), are newly-built and fully let.
The remaining two developments in Nottingham (Corner Point, Nottingham – 210 beds) and Leeds (Burley Street, Leeds – 183 beds), are under construction.
Torsion has delivered more than 3,000 PBSA units since its inception in 2016 and has a further 3,000 in development or in the pipeline.
Rav Kudhail, lending manager at Atelier, said: “With Torsion’s long-track record of providing high quality PBSA developments, we are delighted to be working with the team on this scheme and will always look to be creative in our structuring of facilities for counterparties of this quality.
“Working to tight deadlines we collaborated with the Torsion team to structure a finance facility, enabling them to acquire the site and work to a build programme ready for the 2025 academic year. Ultimately, the success of this deal has been down to the trust established throughout the process. We remain committed to lending within the PBSA sector and look forward to building upon this relationship in the months ahead.”
Dan Spencer, CEO at Torsion Group, said: “The University of Warwick development is the latest in a series of major new project wins for Torsion as we extend our presence in the PBSA sector. We are confident that our collaboration with Atelier will deliver outstanding benefits not only for the university and its students but also for our partners and colleagues.
“Our mission is to bring project delivery excellence to all our schemes, and this development at the University of Warwick is a fantastic opportunity to embed this approach further. Torsion’s track record of handing projects over on time and on budget, combined with the property finance expertise of Atelier, will achieve exceptional results on this project.”