loan to value
We provided a 12-month, £16 million senior-financing facility to Ankor Property, a repeat client of Octopus. The loan was for the development of two Grade-A London purpose-built student accommodation (PBSA) schemes. These would be based in in Ealing and Greenwich, available to students for the start of the 2017/18 academic year.
Flexibility and a deep understanding of the PBSA asset class were key to us facilitating this deal. We were able to structure a very competitive package. This included releasing more debt on day one by incorporating a serviced period once the assets’ rental income was stabilised.
In Ealing, the scheme comprises 124 bed spaces, arranged over four floors, in a combination of self-contained studio and twin bedrooms. It is just a short walk from the University of West London and well served by Ealing’s excellent tube and train links. The property has been designed to a high specification and will be operated by Homes for Students, one of the UK’s most established operators.
The Greenwich scheme comprises 33 self-contained and fully-furnished en-suite studio apartments. Completed to a high specification, each includes an integrated kitchen, high-speed internet and wall-mounted flat-screen smart televisions. The property benefits from its close proximity to Greenwich Docklands Light Railway and North Greenwich Tube. These provide fast access to several central London university campuses.