The property investment and development arm of Co Tyrone construction group McAleer & Rushe has secured a £58 million finance deal for a new student accommodation block in Glasgow.
MRP’s 432-unit Broadway Studios development has been backed by Puma Property Finance.
The group’s construction division, McAleer & Rushe Contracts has started work on the city centre scheme, which is due for completion in August 2026.
It will be operated by Prestige Student Living, which operates ‘The Edge’ student accommodation scheme in Belfast city centre.
Prestige is also signed up as the operator for the new student accommodation units under development at the Catholic chaplaincy next to Queen’s University on Elmwood Avenue.
MRP said the new Glasgow scheme is its second debt funded purpose built student accommodation (PBSA asset).
The Co Tyrone developer previously completed ‘The Place’ in Nottingham, which was sold to L&G in April 2025.
The Broadway Studios scheme also represents MRP’s second phase of development at Renfield Street, following the completion of the Maldron Hotel in 2021, which was forward-funded by Abrdn.
“Broadway Studios exemplifies MRP’s strategy of delivering high-quality, operationally resilient PBSA in undersupplied university cities,” said MRP development director, Shane McBride.
“Glasgow’s student market continues to face a structural shortage of accommodation, and this development responds directly to that demand with a future-proofed asset underpinned by strong ESG credentials.
“Our decision to retain and operate the building to stabilisation reflects our confidence in both the long-term fundamentals of the PBSA sector and Glasgow’s position as a world-class education hub.
“We are delighted to be working with Puma Property Finance on this flagship scheme and look forward to building on this partnership as we continue to expand our PBSA platform.”
