Eldridge Real Estate Credit Secures Loan for 591-Bed Purpose-Built Student Scheme in Glasgow
LONDON--(BUSINESS WIRE)--Apr 29, 2025--
Eldridge Real Estate Credit today announced the provision of around £100m debt facilities to Vita Group for the development and construction of a 591-unit purpose-built student accommodation ('PBSA') scheme in Glasgow, United Kingdom.
Eldridge Real Estate Credit is a leading investor in real estate credit opportunities throughout the US, UK, and Europe, including construction, bridge, and special situation opportunities across the capital structure. This project marks the team's ninth financing transaction with Vita Group, bringing its total support to nearly £1 billion (including current and redeemed facilities) across the delivery of nearly 7,000 student housing units.
'The UK has gained nearly half a million full-time students since 2012, and today there is only enough student housing for approximately 50% of them. This development, and our continued partnership with Vita, takes a meaningful step toward addressing the pressing need for high-quality student accommodation, and furthers our commitment to this rapidly growing marketplace,' said John Cole, Global Head of Real Estate Credit, Eldridge Capital Management.
The scheme, located on India Street, is just northwest of Glasgow city centre with the University of Glasgow and Glasgow Caledonian University reachable within 30 minutes. Residents will also enjoy quick access to transport links including the Glasgow Central railway station and the Glasgow Subway, as well as entertainment found along Sauchiehall Street.
'With a location perfectly situated between leading universities, this project marks a continuation of our investment in Glasgow and aims to alleviate some of the pressures felt across the city as a result of Glasgow's growing population. We remain focused on creating vibrant living and learning communities for students that enable them to thrive during this exciting period in their life,' added Pete Shipley, Finance Director, Vita Group.
The 18-storey development will feature 591 studio apartments, ranging from 18sqm to 29 sqm. Among the high-quality amenities included in the building are a fully equipped kitchens, a fitness centre, a cinema and game room, as well as dedicated study spaces and high-speed internet, ensuring a best-in-class living experience for residents. Vita Group's tailored services will also enhance the offering, providing a social events calendar, contents insurance, concierge services, career tools, and fortnightly room cleaning.
Construction is expected to be completed in July 2027, with McAleer & Rushe serving as developer and contractor.
About Eldridge Capital Management
Eldridge Capital Management is a leading alternative investment firm with $72 billion in assets under management. The firm focuses on four investment strategies – diversified credit, GP solutions, real estate credit, and sports & entertainment. Headquartered in New York, Eldridge Capital Management has offices in Atlanta, Beverly Hills, Chicago, Dallas, Greenwich, London, and Singapore. To learn more, please visit eldridge.com.
Eldridge Real Estate Credit is the brand name for the real estate credit team at Cain International ('Cain') that is being integrated into Eldridge Capital Management. Cain is a privately held investment firm focused on real estate and business opportunities that shape the fabric of global gateway cities. Cain is a partnership between its CEO, Jonathan Goldstein and Eldridge Industries. Cain currently manages over $17 billion in assets through its real estate equity, real estate credit, and private equity platforms.
About Vita
Vita Group is dedicated to creating environments where people can thrive. Founded in 2012, Vita began with a mission to reinvent student accommodation. Since then, it has become the most recommended student housing provider in the UK and Spain, evolving to deliver four unique living brands—Vita Student, Uhaus, Union and House of Social. The four brands span 28 locations in 13 cities and through these locations, Vita serves a diverse community of residents from over 100 countries.
View source version on businesswire.com:https://www.businesswire.com/news/home/20250429793549/en/
CONTACT: Media
Carleton English,[email protected]
KEYWORD: UNITED KINGDOM EUROPE
INDUSTRY KEYWORD: CONSTRUCTION & PROPERTY FINANCE OTHER EDUCATION BANKING PROFESSIONAL SERVICES UNIVERSITY EDUCATION RESIDENTIAL BUILDING & REAL ESTATE
SOURCE: Eldridge Real Estate Credit
Copyright Business Wire 2025.
PUB: 04/29/2025 04:30 AM/DISC: 04/29/2025 04:29 AM
http://www.businesswire.com/news/home/20250429793549/en
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