UK: Aviva Commercial Finance lends over £28 million on York student accommodation project

29 Jul 2013

Aviva Commercial Finance Ltd has reached financial close on a significant transaction in the student accommodation sector for The University of York.

Aviva has provided a £28.5 million loan to Student Accommodation Provision Three LLP, a joint venture between Evans Property Group and the University of York, who will be building and developing a new residential campus for the University.

James Pitt, development director at Evans Property Group, said: "Having completed the award winning Langwith campus in September last year we are delighted to be working again in partnership with the University on the third student campus at Heslington East. This latest transaction demonstrates our continued approach to providing innovative funding solutions for the delivery of student accommodation."

Graham Gilbert, the University's finance director, said: “This transaction secures a balanced underpinning for our portfolio of residential JV investments and will secure an important addition to the stock of high quality residential accommodation already available to our students.”

Kevin Sale, commercial finance director at Aviva, said: “The funding of this project is another strong addition to our student accommodation lending portfolio. It represents a good long term investment for Aviva and for our annuity customers, and it will benefit the community and local economy of York, with which Aviva has close links.”

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If you are a journalist and would like further information, please contact:
Melissa Loughran: Aviva Press Office: 01904 452791: 07800 691947: melissa.loughran@aviva.co.uk

For any other enquiries please contact: Zoe Slater: PPP Manager: 01603 689977: zoe.slater@aviva.co.uk

Notes to editors:

Aviva provides insurance, savings and investment products to 34 million customers worldwide.

We are the UK’s largest insurer with over 14 million customers and one of Europe’s leading providers of life and general insurance. We combine strong life insurance, general insurance and asset management businesses under one powerful brand. We are committed to serving our customers well in order to build a stronger, sustainable business, which makes a positive contribution to society, and for which our people are proud to work.

Aviva Plc is in the top 10% of socially responsible companies globally in the Dow Jones Sustainability World Index.  In 2012 we invested £5.7m into our UK communities. One in three of our employees were involved in community investment activities which included giving nearly 30,000 hours.

Aviva is working in partnership with Railway Children through the Aviva Street to School programme to get children living or working on UK streets back into everyday life, especially education. Find out more at www.aviva.co.uk/street-to-school.

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