£40m refinance facility completed for 592-bed student scheme

Peritus Corporate Finance has announced the completion of the refinance of a 592-bed student accommodation property in Glasgow’s West End with a total facility of over £40m.

TRUE Glasgow – which is owned by Bricks Capital – is a development with a wide range of communal areas (pictured above), including the festival zone, library, café and gym along with sky lounges and a games room.

The senior debt was provided by Laxfield Capital’s £500m debt fund, which targets senior and whole loans at up to 75% LTV across most real estate sectors in the UK.

Peritus acted for the borrower alongside Pinsent Mason’s real estate finance team. 

“We are delighted to have brought this refinancing to a successful conclusion and this is our second major transaction with Laxfield this year,” said Steven Oliver, director at Peritus. 

“We are proud to be involved with both Bricks and Laxfield in their continued growth.”

Peter Prickett, CEO at Bricks, thanked both Laxfield and Peritus for their work and perseverance in completing the transaction.

“Bricks has a strong pipeline of new developments which targets growth up to 10,000 beds over the coming years. 

“All of our properties will use TRUE’s unique and [exciting] brand and vision creating exemplary spaces for students to live and prosper.”

Alexandra Lanni, partner at Laxfield, added: “We are delighted to have completed this transaction with Bricks on what we believe is one of the most modern and highly specified student accommodation blocks in the UK. 

“This is another example of Laxfield providing flexible finance to a good sponsor with an impressive business plan.”

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