United Trust Bank (UTB) is supporting the construction of a new, £15m Purpose Built Student Accomodation (PBSA) development by ACE Student Living.
The prestigious scheme in the centre of Exeter, Devon, will create 97 student rooms in clusters of 2-5 rooms over 7 storeys with the 8th storey providing communal living space and a roof terrace.
UTB has provided a £9.4m facility to refinance the original acquisition loan and fund 100% of the build costs and professional fees. The project will get underway in December with completion due in Spring 2024.
A returning UTB customer, ACE Student Living is a family owned and run business founded in 2018 by Javaid Aziz and his son Paul Aziz. The company has delivered several successful PBSA schemes in the south and south-west of England in the last few years including another 64 bedroom scheme in Exeter and others in Falmouth and Southampton, the latter also funded by UTB. ACE Student Living has two more PBSA developments in Winchester and Plymouth currently under construction.
ACE Student Living takes a boutique approach to providing student accommodation, equipping its rooms with comfy furniture and superfast wi-fi. Its aim is to make student letting simple and straightforward so that tenants can concentrate on enjoying their studies and student life.
Javaid Aziz, co-founder of ACE Student Living, commented: “One of the most compelling reasons to partner with UTB is the strength and knowledge of Paul Flannery’s team where they are collegiate in how they approach the hurdles that often come up in transactions. They are polite, reasonable and firm in their opinions and stick by their choices and decisions”.
Paul Flannery, Senior Director – Property Development, United Trust Bank, commented: “ACE Student Living are skilful developers and we were delighted to have the opportunity to support Javaid and his team in what I’m sure will be another successful project. They have a deep understanding of their market and deliver a great quality product, differentiating themselves from other developer/investors operating in the PBSA sector with their commitment to ensuring their customers get the most from their accommodation and student life.
“Demand for great quality student accommodation continues to outstrip supply in towns and cities across the UK and we look forward supporting more of ACE Student Living’s outstanding schemes for many years to come.”