Student accommodation provider Scape has secured a £125 million funding facility for a 135-bed coliving development in Canada Water, London, due to complete in August 2026.
The housing scheme is just off Canada Street on Mulberry Walk and is on the same plot as Scape’s 778-bed purpose-built student accommodation site, which will also be refinanced.
The financing provides further evidence of strong increase in appetite from UK clearing banks to lend to real estate in recent months.
Scape is a global operator of purpose-built student accommodation. Its UK footprint includes 7,500 beds in operation and under development. Under the Morro brand, the provider has also launched The Guild in Guildford and The Bon in Boston, Massachusetts, with four additional sites planned for development in London in the coming months.
NatWest said it is committed to supporting housing providers to build new homes across the UK. The bank has also supported the development of Scape’s PBSA scheme in Hammersmith which consists of 713 beds. The scheme is due to complete this summer.
Ronan Kierans, head of debt at Scape, said in a statement: “With our growing pipeline of PBSA and living developments, we look forward to continuing our well-established relationships with NatWest. Our growth strategy remains as ambitious as ever – we’re actively seeking new opportunities in the PBSA and living spaces.”
Eirini Kalamara, relationship director at NatWest, added: “Our bespoke approach to financing has enabled us to design a flexible debt structure tailored to the unique needs of Scape. By aligning our financing options with our clients’ evolving requirements we are continuing to support them through changing demands for flexible living arrangements across the sector.”