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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