Overview

A £16 million loan to develop a Purpose-Built Student Accommodation scheme in Brown Street, Dundee.

The 152-bed all-studio accommodation is located minutes away from both the University of Dundee and Abertay University, next to the city centre. The development will be Puma’s third with Glenmore and will seek to alleviate a growing under supply of new build stock in the city, particularly amenity rich, studio accommodation. Construction has already commenced on site and the project expects to be completed in time for the start of the 2024/5 academic year.

More broadly, this deal comes at a time of increasing demand for student accommodation, with the number of first-year undergraduate students projected to increase and applicants potentially reaching one million by 2030¹. This scheme, once completed, will provide high quality, amenity-led student housing that will assist in addressing the shortage of student beds in the city.

The transaction completed in May 2023 and has an expected development and term length of 21-months, made up of 15 months-build time and six months for let up.

¹ Higher education applications to hit one million in 2030: where will they all live? (knightfrank.com)

Figures are subject to rounding.