RBS funding aids construction of £18.2m Stirling student accommodation
The development of Stirling’s first purpose-built student accommodation development is now under way thanks to a £10.9 million funding package from Royal Bank of Scotland.
Glasgow-based private equity and alternative asset managers Maven Capital Partners, in partnership with Hong Kong-based IP Investment Management, is developing the £18.2m Riverside Quay at Forthside, a 207-bed accommodation providing a range of studios, eight one-bedroom apartments and 76 two and three-bedroom en-suite flats.
Once complete, residents will also share a range of facilities, including a cinema, gym, games room, laundry room and several private and group study rooms.
Ogilvie Construction has been appointed as the main contractor for the development, with plans to open the building in time for a new cohort of students in September.
Paul Johnston, investment director at Maven, said: “The University of Stirling is growing rapidly and there’s an acute shortage of student accommodation, with no private PSBA market to support its growth. High-quality accommodation is the key to attracting students and also eases the pressure on the existing housing stock, benefitting both temporary and permanent residents.”
Iain Robertson, relationship director at Royal Bank of Scotland, said: “Maven already has a strong track record in delivering high-quality student developments across the UK, and has identified the need for purpose-built accommodation to meet the requirements of today’s students, including those with families. Maven’s developments are designed to be inclusive and create a sense of community, which will no doubt prove popular among the building’s residents.”
Selina Williams, executive director at IP Investment Management, added: “The Riverside Quay adds to our growing portfolio of PBSA assets in strong UK university cities including Birmingham, Bournemouth, Durham, Edinburgh, Exeter, Liverpool and Newcastle. We are also delighted to extend our successful partnership with Maven in this sector, and we continue to see opportunities in the PBSA sector in areas with strong fundamentals like Stirling.”