Octopus Real Estate to provide £21m loan for Glasgow PBSA scheme

Octopus Real Estate has agreed to provide a £21m facility to Bricks Capital for the development of a 315-bed purpose-built student accommodation (PBSA) scheme in Glasgow.


The development — which is located on New City Road — will cater for students at five education establishments: the University of Glasgow, the University of Strathclyde, Glasgow Caledonian University, Glasgow School of Art and the Royal Conservatoire of Scotland.

The block will welcome its first students at the start of the 2020 academic year.

Peter Prickett at Bricks Capital said: “Glasgow is an obvious choice for a high-quality student accommodation scheme.

“With several key institutions nearby, and brilliant transport links, New City Road is the ideal location for the development.

“We see the opportunity and growth within the PBSA market and are pleased to have worked alongside Octopus Real Estate, which shares our vision and values.”

Octopus Real Estate has funded £150m of PBSA deals in the past 12 months for projects in Coventry, Bristol, Leicester, Liverpool and Glasgow.

Gavin Eustace, head of development at Octopus Real Estate, said: “The PBSA sector is growing and offers a huge opportunity for developers who are willing to listen to and respond to students’ needs and demands.

“Bricks’ scheme in Glasgow is a prime example of a quality PBSA development that will create environments that will support students in their academic performance as well as enhance their university experience.

“Octopus Real Estate champions growth of the PBSA sector.

“We make some of our biggest development loans in this sector, which has grown into the mainstream over the past decade and is no longer deemed ‘alternative’.”

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