Laxfield Capital’s £500 mln debt fund has refinanced a 592-bed student accommodation property in the heart of Glasgow’s West End with a total facility of over £40 mln (€48 mln).
The property, True Glasgow, is a student accommodation development with a wide range of communal areas including the Festival Zone, The Library, Café and Gym along with Sky Lounges and Games Room.
The property is operated by True Student and owned by Bricks Capital.
'We are delighted to have completed this transaction with Bricks on what we believe is the one of the most modern and highly specified student accommodation blocks in the UK,' said Alexandra Lanni, Partner at Laxfield. 'This is another example of Laxfield providing flexible finance to a good sponsor with an impressive business plan.'
Peter Prickett, CEO of Bricks who also own the True brand, commented, 'Bricks has a strong pipeline of new developments which targets growth up to 10,000 beds over the coming years.'
Laxfield Capital’s debt fund targets senior and whole loans at up to 75% LTV across most real estate sectors in the UK.
Peritus Corporate Finance acted for the borrower alongside Pinsent Mason’s real estate finance team. The deal marks the company's second major transaction with Laxfield this year.