Rothesay has completed a £400m eight-year loan to refinance a public securitisation for the Unite UK Student Accommodation Fund.
The loan is secured against 23 purpose-built student accommodation (PBSA) assets across 15 cities, all managed by Unite Group.
Harish Haridas, head of commercial real estate at Rothesay, said: “Rothesay’s in-house asset management and origination teams are dedicated to delivering high-quality, long-term investments like this, providing real retirement security for the over one million people whose pensions we protect.
“We’re pleased to complete this investment with the Unite Group and continue to grow our support for the higher education sector which plays a vital role in the UK economy.”
Gary Leadbeater, director of group treasury and FP&A at Unite Group, said: “It was great to partner with Rothesay on this transaction – they were very diligent while also being pragmatic throughout the process.
“This new £400 million loan will increase available liquidity and keeps us well-positioned to deliver on our strategy, all while keeping our average cost of debt in line with expectations.”
