The loan is being used to fund the second phase of this project’s construction, adding a further 98 beds to its current 152-bed capacity.

Developer, Glenmore Group, is the recipient of the loan, with this being the company’s fourth transaction with Puma.

The initial phase of the PBSA was funded by Puma in 2023.

Phase one and phase two of the developments are expected to reach practical completion by the summers of 2024 and 2025, respectively.

This PBSA, consisting entirely of studio rooms, is located in the city centre and close to the University of Dundee and Abertay University.

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According to the latest UCAS cycle applicant figures, the number of 18-year-olds applying for university before the January 2024 deadline reached its second highest amount since 2015, at 372,200 applications.

Meanwhile, according to Savills 20 of the largest student cities are in need of an extra 234,000 PBSA beds to lower the student to bed ratio, with London in need of 100,000. 

Eliot Kaye, managing director at Puma, also noted the opportunity in PBSA developments: “the sector continues to deliver attractive returns, with rental growth projected to hit between 4% and 6% this year,” he said.

“We have strong experience in the PBSA sector, having delivered over 3,000 student beds to date, and this development represents our sustained commitment to supporting essential social infrastructure across the UK.”