Aldermore has completed a £37.6m commercial mortgage facility to Ace Student Living Ltd (Ace), supporting the refinancing and development of its student accommodation portfolio.
The funding covers a diverse range of purpose-built student accommodation (PBSA) assets located across five UK cities – Southampton, Exeter, Plymouth, Winchester, and Falmouth – enabling Ace to enhance its estate to better serve the growing demand for high-quality student accommodation.
Ace, established in 2020, is led by property developer and former IBM UK CEO Javaid Aziz, alongside ex-HSBC and tech executive Paul Aziz.
The company’s strategy centers on developing and operating high-quality PBSA assets in university towns and cities in the South West of England.
Caroline Baker, business development manager for commercial real estate at Aldermore, said: “We’re delighted to have provided this significant commercial mortgage to a highly experienced PBSA developer and operator.
“We structured a bespoke facility which raises capital for other projects and gives the directors the flexibility to enhance the portfolio as opportunities arise.
“With Javaid and Paul’s experience spanning over two decades in residential and PBSA development, and our expertise in the PBSA sector, we were able to work together to provide a bespoke debt solution which we were able to deliver within the tight timescales required with the support of our professional team.”
Javaid Aziz, CEO and Paul Aziz, COO at Ace Student Living Ltd, said: “We were impressed with the management team at Aldermore; their knowledge, professionalism and attention to detail.
“We look forward to partnering with them for continued growth and success.”
