The Northern Ireland Investment Fund has provided a £21.3m loan to Bridges Fund Management and Rok Property for a 307-bed purpose-built student accommodation development in Belfast.
The fund is managed by CBRE Capital Advisors on behalf of the Department of Finance and the Northern Ireland Strategic Investment Board. The latest loan, its ninth since the fund’s conception in 2018, means it has met its original objective of £100m of commitments. However, it remains open for applications to fund development projects across Northern Ireland.
The York Street scheme, located opposite Ulster University’s new Belfast campus, offers student amenities including a podium garden on the first floor, gym, indoor/outdoor yoga studio, games room, TV lounge, meeting rooms and informal study areas. Completion is expected in August 2024, in time for the start of the 2024/25 academic year.
The project will involve the redevelopment and regeneration of redundant buildings.
Will Church, executive director, lending, at CBRE Capital Advisors, said: “The Northern Ireland Investment Fund has now made over £100m of commitments since the fund originated in 2018. These loans have supported multiple local development and regeneration projects across Northern Ireland, providing vital infrastructure in the transformation of the region for the long term. We are extremely grateful for the support of the Department of Finance in our operation of the fund and we look forward to future reinvestment and support for projects which contribute to economic growth in the region.”
Guy Bowden, partner at Bridges Fund Management, added: “Around 80% of the students in the city currently don’t have access to affordable, purpose-built accommodation. As a specialist sustainable and impact investor, we want to tackle this pressing housing need – while also transforming unused buildings into a low-carbon development with sustainability features that will reduce emissions, cut costs and improve occupier wellbeing.”
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