London, England, 26 April 2021 – Cain International (‘Cain’), the privately held real estate investment firm operating in Europe and the United States, has agreed a £40.3 million loan with Vita Group to finance the development of a 401-bed student accommodation scheme located in Cardiff, Wales. This loan is the second time that Cain has worked with Vita Group on a Purpose Built Student Accommodation (‘PBSA’) asset following the agreement of an £80 million loan for a 780-bed scheme near the University of Warwick in late 2020.
Located in close proximity to both the University of Cardiff and the city centre of Cardiff, the site was purchased by Vita in 2017 and has since achieved full planning permission for a high specification 401-studio student accommodation scheme including a gym, games and common rooms and retail space. Studios will range in size between 172 sq ft and 333 sq ft.
The University of Cardiff has circa. 39,000 students, of which 8,400 are international, making it the ninth largest university in the UK by number of students. It is also one of the 24 leading UK universities that form the Russell Group and was ranked within the top 160 universities in the world in 2021.
Vita Group is the developer and operator of Vita Student and Vita Living. It has established and grown the Vita Student brand to develop and operate 6,391 student beds in the UK, as of September 2020.
Graham Keable, Principal at Cain International, said: “Working with partners with whom we have built a track record of trust, collaboration and success is key to how we do business at Cain and we are excited to continue our relationship with Vita as we grow our loan book. The PBSA sector has been increasingly attracting attention from institutional investors and we are confident that it will continue to demonstrate resilience in the months and years ahead.”