Cain International

10th June 2021

Cain International agrees third PBSA loan with Vita for 496-bed scheme in Coventry

London, England, 10 June 2021 – Cain International (‘Cain’), the privately held real estate investment firm led by Jonathan Goldstein, has agreed a £53 million loan with Vita Group to finance the development of a 496-bed student accommodation scheme located in Coventry, UK. PGIM Real Estate will be providing the junior debt facility.

This loan marks the third time that Cain has worked with Vita Group on a purpose-built student accommodation (‘PBSA’) asset development. Since first partnering with Vita in 2020, Cain has provided over £170 million to the group following the agreement of an £80 million loan for a 780-bed scheme near the University of Warwick and a £40.3 million loan to finance the development of a 401-bed student accommodation scheme located in Cardiff, Wales

Expected to complete in 2023, the 496-bed scheme has achieved full planning permission and will include a gym, cinema, study rooms, gaming stations and a large social hub for holding events. Studios will range in size between 172 sq ft and 344 sq ft. Breakfast will be provided and residents can request and manage further services, such as laundry and parcel services, through an app that will also allow residents to have sight of all upcoming events. Additional inclusive services include a social events calendar, contents insurance, bi-weekly room cleaning, free bike use and a concierge service.

The development benefits from a prominent position in the city center and is a 10-minute walk from Coventry University and a 20-minute bus journey from The University of Warwick. The City of Coventry has a population of c. 52,000 full time students and was recently ranked 5th in the UK’s best student cities with its university being rated the 15th best university in the country by the Guardian rankings. The University of Warwick is ranked within the top 10 universities in the UK and is a member of the prestigious Russell Group. Approximately forty per cent of Coventry’s student base is international.

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 April 2021.

Construction is being delivered by Bowmer & Kirkland.

Graham Keable, Principal at Cain International, said: “We have built an increasingly strong relationship with Vita Group since we first partnered with them in 2020, and this most recent development loan is a sign of both our confidence in them as a sponsor and operator in PBSA, but also our long-term belief in the asset class. While demand from international students for UK universities has witnessed some temporary disruption due to the coronavirus pandemic, this is set to rebound as this development reaches completion and will remain strong as both parents and students prioritize safe, supportive and well-managed accommodation in the years ahead. We look forward to further establishing our track record in this space with Vita Group.”

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