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FinanceManchester student residence secures key funding

Manchester student residence secures key funding

Award-winning student accommodation developer Alumno has secured funding for a Manchester development set for completion for the 2022/23 academic year. The investment is part of a £43.8 million package covering two Alumno projects, the other based in London.

The 1,449 square metre central Manchester development will comprise 62 studio apartments, along with a communal area, rooftop terrace, office and feature storage space for 12 bikes. It is located within the campus of Manchester Metropolitan University, with the Manchester University Campus close by. Alumno is also partnering with charity One Manchester to raise £50,000 for local projects, and is helping to fund a wayfinding scheme to help visually impaired students find their way around the area. GMI Construction Group has been appointed the main contractor on this scheme.

Alumno will commission new art to enhance the public spaces around each building, another trademark of all its developments.

“We are absolutely delighted to have concluded this agreement with Barings, a world leading real estate investor,” said David Campbell, Founder and Managing Director of Alumno. “This is a huge boost for our business coming into 2021. It also highlights the confidence in bringing forward major investment into the purpose-built student accommodation (PBSA) sector, which has again demonstrated its resilience during these challenging times.”

Commenting on the funding, Darren Hutchinson, Managing Director – Head of UK Real Estate Transactions at Barings, said: “These are two high-quality PBSA assets in very strong locations in London and Manchester. Both London and Manchester are undersupplied markets supported by strong universities and a deep occupier demand. We are excited to work with Alumno to create well-designed, contemporary accommodation that will appeal to a wide range of students.”

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