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Barings Provides £140 Million Loan for Acquisiton of Two London Student Accommodation Properties

Jun 18, 2021

Barings, one of the world’s largest diversified real estate investment managers, has provided a £140 million eight-year fixed rate loan, on behalf of two institutional investors, to the London Student Accommodation Venture (‘LSAV’), a joint venture between Unite Group (“Unite Students”) and GIC. The loan is secured against two London student accommodation properties, which are being acquired by LSAV from Unite Students for £342 million.

The properties are located in Wembley and Whitechapel and offer 1,358 bed spaces, of which the majority are directly let to students. The Wembley asset, Arch View House, was completed ahead of the 2020/21 academic year, while the Whitechapel property is less than ten years old and has an excellent trading history, with 98-100% occupancy achieved over the last four academic years, prior to the pandemic.

Unite Students will continue to manage and operate the two London properties under its management agreement with LSAV.

Both assets are of high quality with excellent amenities, communal areas and accessibility provision. They are well located in London and benefit from strong transport links.

This loan follows a £124 million facility provided by Barings to Unite Students in 2014 and was repaid in July 2020.

Chris Bates, Head of Europe Real Estate Debt Origination at Barings commented: “These modern properties are finished to a very high standard and are well located to meet the demands of students attending London’s numerous, world-renowned educational institutions. We look forward to working with Unite Students and GIC through their London Student Accommodation Venture and supporting them over the coming years. This new facility extends our long-standing relationship with Unite Students and underlines our commitment and conviction in the outlook for UK student accommodation sector, which continues to benefit from strong underlying demographic trends, despite the challenges faced during the pandemic.’

Joe Lister, Chief Finance Officer of Unite Students, added: “We are delighted to renew our partnership with Barings with this new financing facility, which supports the growth of our LSAV joint venture.”

Barings Real Estate

Barings Real Estate (BRE) offers a broad range of global investment opportunities across the private debt and equity investment markets. BRE invests in all major property sectors and offers an expansive range of financing solutions to real estate borrowers. BRE also specializes in providing government and government-sponsored entity lending products through our wholly owned subsidiary, Barings Multifamily Capital. Follow us on LinkedIn at www.linkedin.com/showcase/barings-alternative-investments.

About Barings

Barings is a $326+ billion* global investment manager sourcing differentiated opportunities and building long-term portfolios across public and private fixed income, real estate, and specialist equity markets. With investment professionals based in North America, Europe and Asia Pacific, the firm, a subsidiary of MassMutual, aims to serve its clients, communities and employees, and is committed to sustainable practices and responsible investment. Learn more at www.barings.com.

*Assets under management as of March 31, 2021

About Unite Students

Unite Students is the UK's largest owner, manager and developer of purpose-built student accommodation, serving the country's world-leading Higher Education sector. We provide homes to 73,000 students across 173 properties in 25 leading University towns and cities. We currently partner with over 60 Universities across the UK.

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