A NEW high rise student accommodation tower under development in Belfast has secured a £24 million facility with a London-based finance firm.
The 269-unit 15-storey building is currently under construction on Bruce Street, which links the Dublin Road to Great Victoria Street. It’s due to be completed in time for September 2023.
The project is being developed by MRP, the investment and development arm of McAleer & Rushe in Co Tyrone, alongside student accommodation provider Vita.
It’s the third collaboration between the pair, and Vita’s first project in the north.
Vita has now announced a £24m development facility with Puma Property Finance, which has financed 10 different student accommodation developments to date.
Kevin Davidson of Puma Property Finance said: “This development will represent Vita’s debut and expansion into Northern Ireland. Vita is already well-known for providing significant amounts of amenity space in comparison to other developers and this will carry across to its latest Belfast development.”
Max Bielby, chief operating officer for Vita Group said: “Puma’s track record in PBSA makes them the perfect finance partner for Belfast, providing the business with relevant funding to deliver this exceptional building, creating a stand-out product in this new territory.”
