Beaufort is delighted to announce the completion of a mezzanine investment to the Soller Group to support the development of a new-build student scheme on Dunblane Street in Glasgow.
Scheduled for completion in Summer 2019, the 301-student bed development will be built close to and in conjunction with the Royal Conservatoire of Scotland, one of the top five performing arts institutions in the world. The RCS was founded in 1845 and counts Prince Charles as its patron and Cameron Mackintosh as president of the University. The project will provide students with a wealth of amenities including; five bespoke sound-proofed music practice rooms, a dance studio, a gym, cinema room, study halls, two roof terraces and a sky lounge.
With a high specification and market-leading amenities, the project will appeal to students from a number of the many higher education institutions in Glasgow. With a mixture of shared flats, studio and cluster accommodation, the range of price points will ensure the scheme will appeal to a wide mix of students.
This exciting scheme is the second project Beaufort has supported in Glasgow this year and the third in Scotland. It is representative of the continued support Beaufort has for developments across different asset classes and its willingness for further investment across Scotland.
Nick Treadaway, Director of the Soller Group, said
“We were introduced to Beaufort Capital at a late stage in the capital raising process and they immediately understood the transaction and what we were looking for. Terms were issued within 48 hours and importantly these terms were stuck to throughout closing.
“Beaufort worked tirelessly to assist in getting a complicated deal over the line and we are delighted with the relationship that we have formed with them. We are already discussing other projects with them and look forward to working closely with them going forward.
Mark Quigley, Managing Director for UK Real Estate Finance at Beaufort Capital Management said,
“I am delighted that we have concluded this development transaction in my home town of Glasgow. It will be a first-class student accommodation development which will include a considerable number of amenities for the benefit of students at the world-renowned Royal Conservatoire of Scotland and is a further significant investment in Scotland for Beaufort.
“This is an excellent project on which to be working with Nick Treadaway and his team for what we hope will be the first of many successful ventures between Beaufort and the Soller Group.