London Wall and Bricks Group strike £46.6m Salford PBSA funding deal
As the academic year starts and demand for student accommodation continues to grow, we’re pleased to announce our second financing to Bricks Group – a £46.6m development loan for its latest PBSA project in Salford.
The new scheme will contain 457 bedrooms over 15-storeys with a wide range of amenities including a cinema room, onsite gym and fitness studio, and a courtyard garden.
It will be managed by Bricks’ in-house operating brand, true student. The 21-month loan facility will fund the ground up construction of the site, with the property expected to be ready for occupation in time for the 2023 student intake.
The financing follows Bricks’ successful development and disposal of Discovery Quay, a 401-bed PBSA, also located in Salford Quays, which was financed by London Wall Lending in 2020.
Ned El-Imad, Partner at London Wall, said: “Having already worked successfully with Bricks Group in the past on the delivery of Discovery Quay, when the opportunity arose to collaborate again we jumped at the chance.
“The firm has a track record of bringing forward best-in-class assets across the student and c0-living sectors, both of which are attracting high levels of investment right now. With this in mind, we’re looking forward to continuing to develop our relationship through the funding of Discovery Quay II.”
Peter Prickett, Founder and CEO of Bricks Capital said: “Salford’s real estate boom has been well-charted in recent years, and the areas in and around Media City are in high demand amongst the student and young professional population.
“We’ve built a strong working relationship with London Wall Lending and highly value their flexibility – we’ll utilise this relationship to continue providing experience-driven student living as the University continues to move from strength-to-strength.”
