Carlyle raises £125m for student projects

Aaron Morby 11 years ago
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The Carlyle Group and Generation Estates have secured funding to go-ahead with three Pure Living brand student projects in London.

The finance deals allows Morgan Sindall to progress with its £37m job to convert the former Hammersmith Palais and Mace to start building an 800-student development on Goswell Road in Islington.

The other smaller £15m scheme called Pure Bankside will be built at Ewer Street in Southwark.

Robert Hodges, managing director at The Carlyle Group, said: “The bank financing we have secured means that we are able to start building out the rest of our current development pipeline.

“In today’s constrained lending markets, our ability to attract £125m of funding for three major projects demonstrates the strong potential of this asset class and of our projects in particular.”

The project in Islington is Mace Living’s second deal with the group, will be known as Pure City and will be located on a 1.5 acre site.

Key elements of the project include a new 34,000 sq ft sports hall designed to Sport England criteria and 20,000 sq ft of teaching accommodation for the University.

The student accommodation will be arranged in two blocks of 429 single studio units, 240 ensuite study bedrooms and 136 beds arranged in twin apartments.

Morgan Sindall also recently secured an estimated £25m deal to redevelop the former Hammersmith Palais concert venue from the private equity group.

Work has just started on Pure Hammersmith

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