Aviva to fund 700-bed student village at Staffordshire University
Aviva Investors is to acquire and forward fund an amortising lease for a student village at Staffordshire University.
The investment has been made on behalf of Aviva’s insurance, wealth and retirement business, with Aviva Investors providing forward funding via a leaseback structure.
The student village scheme will be located at the university’s Stoke-on-Trent campus on its Leek Road site. It is expected to deliver 700 beds, as well as a student hub on a vacant brownfield site adjacent to the existing accommodation, while also refurbishing 297 existing bed facilities at Clarice Cliff Court.
Aviva Investors is to acquire and forward fund an amortising lease for a student village at Staffordshire University.
The investment has been made on behalf of Aviva’s insurance, wealth and retirement business, with Aviva Investors providing forward funding via a leaseback structure.
The student village scheme will be located at the university’s Stoke-on-Trent campus on its Leek Road site. It is expected to deliver 700 beds, as well as a student hub on a vacant brownfield site adjacent to the existing accommodation, while also refurbishing 297 existing bed facilities at Clarice Cliff Court.
Upon completion of the new development, existing accommodation at the Leek Road site will be demolished to make way for the creation of green space on campus.
The development is expected to be ready in September 2026.
The refurbished Clarice Cliff Court facilities are expected to be delivered in a phased programme for students intakes in September 2024, 2025 and 2026.
Mark Wells, fund manager, real estate long income, at Aviva investors, said: “Strong demand and a shortage in the supply of purpose-built student accommodation in many submarkets has increased rents for students across the country.
“With the student population expected to keep growing, it’s incredibly important that the accommodation on offer is revamped and added to where possible. Staffordshire University is known for its strong focus on computer science, games design and film production, all of which are exciting growth areas. We think this will position it well for growth into the future.”
Marcus Mollan, investments director at Aviva, added: “It’s great to be involved with the creation of a new complex for the student population at Staffordshire University. The UK is home to great talent, and Aviva’s annuity business is proud to be helping universities such as Staffordshire to get ready for the future and nurture this potential through new environments for living and learning.”
