CA Ventures announces early completion of Silk Mill student property in Edinburgh
CA Ventures (CA), a vertically integrated real estate investment management company, has announced the early completion of its Silk Mill property in Edinburgh, which will be managed by its in-house PBSA management company, Novel Student.
Located at 162 Dundee Street, pedestrian to the Edinburgh Napier University and the University of Edinburgh, Silk Mill is a 225-bed student community spanning five floors and situated only 1.5 miles from city centre.
“While the Covid-19-induced shutdowns were certainly unexpected, I am proud of how our global team quickly adapted to the challenging environment to deliver this outstanding asset ahead of schedule. The outcome is a testament to the strength of CA’s development engine and vertically integrated business model, providing unparalleled value and control to our clients and business partners,” says Tom Banning, senior vice president of development. “Leveraging the strong institutional knowledge and success of our established CA Student Living platform in the US, we are thrilled to bring this elevated, modern asset to market.”
Founded in the world’s largest student housing market, since 2004, CA Student Living has delivered more than 35,000 beds in over forty top-tier university markets, and currently manages one of the largest student housing portfolios in the US. CA intends to leverage its success in the US student housing market to fulfil the strong demand for PBSA in UK and Europe, while elevating students’ quality of living through the incorporation of CA Student Living’s innovations, best practices and expertise.
“Watching the Novel brand and the hard work of our team come to life in the form of Silk Mill is immensely gratifying, having thoughtfully crafted the brand to reflect our value-driven, customer-centric approach to the tenant experience,” says Matt Walker, executive vice president of Europe for CA Ventures. “The early delivery of the property allows us to maximise value as we welcome hoteling guests attending Edinburgh’s Festival Fringe this summer, while also expanding our partnership with Lavanda, a property management software for short-term rentals. We could not be more pleased with the outcome of this community and look forward to welcoming its future residents.”
The project is one of three PBSA communities across Sheffield, Glasgow and Edinburgh that comprise Novel’s initial portfolio totaling nearly 900 beds. Consistent with the rest of the Novel portfolio, Silk Mill offers its residents outstanding shared amenity spaces, including a reception area, breakfast bar, karaoke room, gym, digital gaming center, bar area, private dining area, lounge, private and group study space, as well as an outdoor courtyard including BBQ grills and outdoor cinema. All Novel communities will also come equipped with modern technology including video door entry systems, dimmable lighting and integrated sound systems. Staffed with an on-site property manager, leasing manager and team of community assistants, each Novel community will host weekly social gatherings and career events for the benefit of students.