OakNorth

OakNorth completes £17.5m loan for student accommodation schemes



OakNorth has completed a £17.5m refinance package with Ankor Property Group for two student accommodation schemes in Ealing and Greenwich (pictured above) – the specialist bank’s first foray into student accommodation.


The property and development company’s ‘cube’ portfolio currently consist of three developments: the student blocks in Ealing and Greenwich – which consist of 111 studios – and a mixed-use scheme in central Reading comprising three restaurants and 33 flats.

The funding will be used to provide Ankor with an extended marketing period for its Ealing and Greenwich developments.

Ankor aims to grow its current portfolio to 12 schemes by the end of 2020 and will focus on student housing, aparthotels/serviced apartments and the private rented sector.

The company’s two-year growth plan will also include a £100m joint venture with Chinese investors as well as a possible IPO.

“With real estate in the UK becoming increasingly expensive, diversification and sourcing different opportunities are essential,” said Nori Touati, managing director and founder of Ankor Property Group.

“The market expertise of the Ankor team in the UK gives us the chance to develop our portfolio, both in terms of size and sector.”

Deepesh Thakrar, senior director of debt finance at OakNorth, added: “The team at Ankor have chosen a prime sector to achieve their ambitious growth plans and we look forward to working with them on future projects.”


Aerial view of Cube Greenwich



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