HSBC UK has provided £20m of financing for refurbishment work on six student accommodation sites across the UK, starting in Cardiff.
The assets consist of six existing purpose-built student accommodation sites, totalling just under 3,000 beds. PGIM Real Estate acquired the sites from Unite in 2024, in a deal also backed by HSBC UK.
The rolling refurbishment programme will modernise each site, providing high quality accommodation for students. The refurbishment designs provide a modern and user-friendly living style with lounges and study spaces.
Kevin Dawson, Relationship Director at HSBC UK, said:
“In a market which is dominated by brand new buildings, we recognised PGIM Real Estate’s innovative approach. We fully engaged with the PGIM team to develop a new financing approach for the sector that allowed the business the flexibility to acquire the portfolio and undertake the necessary works.”
Once all refurbishments are complete, which include the removal of gas central heating, the portfolio will be 100 percent electric and use green electricity sources. PGIM will also ensure that all the buildings will be EPC ‘B’ or above.
North Court in Cardiff will be the first to be refurbished followed by sites in Sheffield, Nottingham, Birmingham, Leicester and Liverpool.
