LIVERPOOL developer Iliad has secured millions of pounds in debt funding to complete a £38m student accommodation scheme in the Midlands.
The Liverpool-based team of Barclays Corporate are providing the senior debt finance to Iliad for the 656-bed project in Bagot Street, in Birmingham.
The development is close to Aston University and is a joint venture between Iliad and Cosmopolitan Student Homes (CSH), a subsidiary of Cosmopolitan Housing Association.
Once completed, CSH, the seventh largest student accommodation provider in the UK, will enter into a 35-year lease to manage and operate the property.
The site, which is well located for student accommodation, in close proximity to the city centre and all of Birmingham’s universities, will consist of two blocks providing 656 premier student bedrooms with a 17-storey tower overlooking Lancaster Street.
