The project is located on the east side of Glasgow and will feature 536 bedrooms which will be split over two blocks around a central courtyard containing 149 self-contained studios and 387 bedrooms in cluster flats.

The development finance facility was agreed with Investec Bank’s Structured Property Finance team which specialises in student accommodation offering senior/stretched senior debt and equity solutions to clients.

Ian Woosey, Investment Director for the student accommodation sector at Balfour Beatty Investments said the company was delighted to have arranged the optimum funding package to carry out the development in Glasgow.

“From our wide ranging experience of working in this sector, we believe there is a good demand for high quality, purpose built cluster flats and studios in this part of Glasgow. 

“The residences will be marketed direct to students later in the year and will be available for the September 2017 student intake.”

Mark Bladon at Investec Structured Property Finance added that it was very rewarding to be supporting Balfour Beatty in its new venture.

“We were attracted to work with Balfour Beatty given their size, profile and track record as a contractor. 

“Notwithstanding signs of yield compression, we still like the student accommodation market and our appetite remains strong to provide stretched senior development finance for the right deals such as this.”