Study Inn Group, a serviced student accommodation owner, developer and operator, has refinanced its second portfolio of assets with facilities totalling £161m.
The Study Inn platform was set up to design and develop portfolios of student accommodation in key cities. Once operational, the assets are stabilized at 100 per cent occupancy under the Study Inn brand before being sold into the investment market.
Following the sale of Study Inn’s first £135m portfolio to Arlington Advisors in 2017, the Coventry-headquartered-group has created its second generation of completed assets in Bristol, Loughborough, Nottingham and Exeter, with further developments currently on site in Leicester, Nottingham and Leeds.
Finance director Marcus Hook said: “The refinance of development assets once they are complete and operational is a key step in consolidating the portfolio.
“This allows us to bring our completed sites into one facility with lower debt service costs, scale up to a level which can accommodate a significant number of additional rooms, and maximise our return on capital.”
Study Inn was advised by Knight Frank Capital Advisory, Gateley Legal, Cooper Parry, CBRE and Chatham Financial.
Lisa Attenborough, head of debt advisory at Knight Frank, added: “We are delighted to have advised our client Study Inn Group on the refinance of their market-leading, purpose-built operational assets located in Bristol, Loughborough, Nottingham and Exeter.
“The student accommodation sector remains attractive to a range of capital providers and this particular portfolio is a perfect demonstration of one which has maintained impressive occupancy levels throughout the pandemic.”
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