Empiric Student Property has agreed to a further fixed-term loan facility of £40m with Canada Life Investments.
The owner and operator of student accommodation in the UK said the loan will be secured against a portfolio of four forward committed assets on their practical completion, held as a lending group through Empiric Investments (Two) Limited, a wholly owned subsidiary.
Practical completion of the four properties is expected to take place in time for the start of the 2016-2017 academic year.
The Canada Life loan is repayable in two £20m tranches, in March 2024 and July 2031, and has a fixed all-in rate of 3.25% throughout the term.
Paul Hadaway, Chief Executive of Empiric Student Property, said: "Canada Life continues to be a supportive lending partner with this new additional long-term facility which helps to support the overall funding structure of Empiric.
Empiric focuses on assets in prime central locations in top university cities and towns.
For the 2015-2016 academic year, Empiric’s customer base comprised 69% international students from 98 countries and 78% of the company’s customers were beyond their first year of study.
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