Maven will act as asset manager for Hong Kong-based IPIM to complete the £18.2m project in conjunction with development manager Whiteburn Projects.
Forthside Way (pictured above) – which will consist of 207 beds and be located on the banks of the River Forth – has secured senior debt finance from RBS.
The development will be set across two buildings and comprise 123 studios, eight one-bedroom apartments and 76 two- and three-bed cluster flats, as well as communal facilities, including a cinema, gym, games room and study rooms.
“University of Stirling has [a strong] reputation for its sporting excellence and there is strong demand for a number of its courses, a number of which are considerably over-subscribed,” said Colin Anderson, investment director at Maven.
“Despite this, Stirling has one of the most acute shortages of student accommodation in the country.
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“With no private PBSA market to speak of in the city, Maven is delighted to be working once again with IPIM to greatly enhance the quality of the accommodation provision and play its part to help the university attract and retain the best students from the UK and further afield.”
This is Maven’s seventh PBSA project with IPIM and combined they have delivered over 1,200 beds at sites across the UK.
“The acquisition of Forthside Way complements our growing portfolio of PBSA assets in strong UK university cities and we are delighted to be continuing our successful partnership with Maven in this sector,” said Selina Williams, investment director at IPIM.
“We continue to see opportunities in student accommodation in towns and cities with strong fundamentals such as Stirling.”
Iain Robertson, relationship director at RBS, added: “We are proud to support Maven and IPIM in their latest development project.
“The venture will provide much-needed accommodation for Stirling’s large student population, offering a modern and safe environment in which to live.”