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Stephenson Harwood advises Investec on development loan for £120 million Stratford PBSA scheme
Law firm Stephenson Harwood LLP has advised Investec Bank Plc on the financing of a £120 million 397-bed student accommodation development in Stratford, East London.
The development facility was made available to a joint venture between Watkin Jones Plc, one of the UK's leading developers and managers of build to rent, student accommodation and affordable housing, and Housing Growth Partnership, the Lloyds-backed equity investor.
The scheme encompasses around 2,000 sqm of commercial space with a GDV of £120 million. The development will target a BREEAM ‘excellent’ certification. The scheme is located for students at UCL East, UAL's London College of Fashion, Birkbeck College and UEL University Square Stratford campus and is illustrative of the rapidly growing student accommodation market in cities across the UK.
"This is the latest in a number of transactions on which we have advised key client Investec Bank," said Sean Crowley, partner, Stephenson Harwood. "We were pleased to be able to support on all aspects of the transaction, drawing on expertise from colleagues across our banking, real estate, construction and tax practises."
The Stephenson Harwood team was led by banking partner Sean Crowley and real estate partner Archie Campbell, who were supported by managing associate Will Rowling, managing associate Pat Lundie and associate Gideon Caplin, construction partner Graeme Barton and associate Jenna Plush, and tax partner Kate Worthington.
