Royal Bank of Scotland has provided £82.6m to support Rosethorn Capital Partners and Eagle Street Partners with the acquisition and repositioning of Haddington Place student accommodation in Edinburgh.
The financing will also supports the acquisition of Selly Oak Court in Birmingham, and Glassyard in Stockwell, London, alongside a programme of building safety, sustainability and quality improvements across all three properties.
Together, the assets provide more than 900 student beds in three of the UK’s strongest university cities. Haddington Place provides 240 beds close to Edinburgh city centre and major transport links, while Selly Oak Court comprises 329 beds in one of Birmingham’s strongest student locations. Glassyard comprises 340 beds in South London and is leased to the University of the Arts London.
The transaction supports Royal Bank of Scotland’s Growing Together campaign, which champions investment in the homes, infrastructure and places that enable communities and regional economies to prosper.
Michael Goode, relationship director, Large Corporate Real Estate at NatWest Group, said: “Backing responsible investment in existing stock is a priority for us. By partnering with specialist sponsors to deliver safety‑led upgrades and targeted refurbishments, we are helping keep high-quality buildings in use and raising the quality of student housing in Birmingham, Edinburgh and London.”
Ricky Kullar, CFO of Rosethorn Capital Partners, said: “It’s been great to work with Michael and the team at NatWest again in what continues to be a challenging but opportunistic PBSA market. NatWest has a pragmatic and solution-orientated approach to executing transactions, which we experienced first-hand during the acquisition of Spring Mews last year.
“We’re excited to deliver these projects over the coming years, leveraging our in-house asset and development management capabilities to execute our business plans and enhance the quality of these assets for students and investors alike.”
Will Banbury, head of Origination at Eagle Street Partners, said: “We are pleased to be working with NatWest on these acquisitions, which represent an opportunity to enhance well-located PBSA assets in three of the UK’s strongest university cities.
“Together with Rosethorn, we have a clear business plan to deliver targeted improvements across each property, enhancing building quality, sustainability and the overall resident experience. NatWest’s support has been instrumental in helping us complete these transactions and we look forward to delivering high-quality institutional assets.”