Investec provides £86.5m for PBSA portfolio refinancing

The portfolio comprises 1,460 beds across London, Nottingham, Newcastle, Sheffield and Lincoln, and is managed by GSA's global operating partner, Yugo.

Two of the assets have recently undergone targeted refurbishments to update the bedrooms and communal spaces.

This transaction is the second between Investec and GSA.

Since 2011 Investec has delivered over £1.15bn in total PBSA lending, lending to 24 clients, with the delivery of over 22,000 beds across 62 schemes in 26 cities.

Sebastian Walley, loan originator at Investec Real Estate, commented: “Despite economic headwinds, the investment case for UK PBSA remains compelling, driven by global demand for places at our world-renowned higher education institutions.

“This deal further underscores our confidence in the sector’s resilience, while aligning with our strategy to increase our lending volumes by writing more large ticket loans.”

John Jacobs, global head of capital markets at GSA, added: “Investec’s expertise, commitment and focus on supporting high-quality assets and experienced operators make them an ideal partner as we execute our long-term growth strategy.

“This deal not only reinforces Investec’s position as a leading lender in the PBSA market but also highlights the continued confidence in PBSA as a resilient and attractive asset class.”