Scape lands €60m Aareal Bank loan for London PBSA scheme
Wiesbaden-headquartered Aareal Bank is financing a 400-bed student accommodation project in London with a £54 million (€60 million) loan for the next three years.
Scape London Canalside is located in Bradwell Street near Queen Mary University in east London. It was built and is operated by Scape who opened the facility in September 2019. The asset also includes shared areas such as a fitness centre, cinema, study rooms and lounges.
Aareal Bank said it sees student accommodation as an asset class with a promising future. “Aareal Bank is increasingly focusing on financing student accommodation. Having financed various attractive properties around the world already, we are planning to further grow our exposure to this segment”, said Christof Winkelmann, a member of Aareal Bank’s management board.