0 Comments | Daily Post; Liverpool (UK), Jun 28, 2010 | by Tony McDonough
LIVERPOOL developer Iliad has secured millions of pounds in debt funding to complete a pounds 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 Bir mingham.
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.
Tim Molloy, group finance director of Iliad, said: “Iliad is very pleased to have got such a significant project on site in the midst of very challenging times. We look forward to further schemes with Cosmopolitan Student Homes and building on the growing relationship with Barclays.”
The debt facilities were arranged by Ian Wilby, property relationship director at Barclays Corporate. Barclays was advised by Addleshaws and Iliad Group was advised by Hill Dickinson. Mr Wilby said: “Although the economic crisis is global, the property market remains local and there will always be opportunities.
“The student market is buoyant at the moment as student numbers continue to soar and the demand for new accommodation is also very high
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