Peritus completes GBP40m refinancing of Glasgow student accommodation property
Peritus Corporate Finance has completed the refinance of a 592-bed student accommodation property in the heart of Glasgow’s West End, with a total facility of over GBP40 million.
The property, TRUE Glasgow, is a unique 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.
The senior debt was provided by Laxfield Capital’s GBP500m debt fund, Laxfield LLP. The fund targets senior and whole loans at up to 75 per cent LTV across most real estate sectors in the UK.
Peritus Corporate Finance acted for the borrower alongside Pinsent Mason’s real estate finance team.
Alexandra Lanni, Partner at Laxfield, says: “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. This is another example of Laxfield providing flexible finance to a good sponsor with an impressive business plan.”
Steven Oliver from Peritus, says: “We are delighted to have brought this refinancing to a successful conclusion and this is our second major transaction with Laxfield this year. We are proud to be involved with both Bricks and Laxfield in their continued growth.”
Peter Prickett, CEO of Bricks who also owns the True brand, says: “I would like to thank both Laxfield and Peritus for their hard work and perseverance in completing this transaction. Bricks has a strong pipeline of new developments which targets growth up to 10,000 beds over the coming years. All of our properties will use TRUE’s unique and exiting brand and vision creating exemplary spaces for students to live and prosper.”