July 4, 2024
Fiera Real Estate Debt Strategies, an affiliate of leading global asset management firm Fiera Capital Corporation with over $122bn AUM, has completed a £77m senior investment loan to YourTRIBE in order to refinance two newly developed student accommodation assets totalling a collective 517 beds in South East London. YourTRIBE was established in 2020 to capitalise on the widening supply demand imbalance for good quality student accommodation in London.
The loan will finance a 250-bed scheme in South Bermondsey and a 267-bed scheme in Peckham. They will feature various amenities including a gym/wellness room, a roof terrace, and dedicated study and lounge areas.
Managed by Project Student, these assets cater to London’s student population, offering convenient access to 12 universities, including University College London, King’s College London, London School of Economics, and Goldsmiths University. Of the available accommodation, 35% will be designated as affordable, with the remaining rooms already leased for the 2024/2025 academic year.
Both properties are certified as BREAAM Excellent and will integrate technologies such as Utopi smart sensors to monitor energy consumption for enhanced efficiency. Additionally, a focus on occupant well-being will be ensured through mental health awareness training for all staff and the organisation of regular well-being events for both residents and staff members.
Richard Howe, Co-head of Fiera’s European Real Estate Debt business, commented: “The student accommodation sector continues to be a very resilient asset class that is underpinned by a widening supply vs demand imbalance. This is particularly pronounced in the capital city where the student to bed ratio is in excess of 3.5, among the highest in Britain. We are thus pleased to partner with YourTribe on these newly established student accommodation assets, which promise to deliver an exceptional experience for students and the broader community.
Since launching both our inaugural fund and SMA mandate 12 months ago, we have committed over £200m into the UK and Iberian markets. Notably, more than 50% of this capital has been allocated to the student accommodation sector, highlighting our conviction to this asset class”.
James Rogers, Investment Director at YourTRIBE, commented: “Partnering with Fiera Real Estate Debt Strategies underscores our commitment to providing top-tier student accommodation in London. These newly refinanced assets not only meet the pressing demand for quality housing but also exemplify our dedication to enhancing student living experiences through innovation, sustainability, and community engagement.”