Eldridge Real Estate Credit has provided over £200m ($253.2m) in debt facilities to Vita Group, a student housing provider, for the construction of a purpose-built student accommodation (PBSA) scheme in Canary Wharf, London, UK.
The development, situated at 30 Marsh Wall, will introduce 1,068 units to the area and is one of the first PBSA projects to be completed in Canary Wharf.
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The financing marks Eldridge Real Estate Credit’s eighth transaction with Vita Group, cumulatively amounting to roughly £1bn in support for over 6,000 beds throughout the UK and Europe.
Eldridge Capital Management global head of real-estate credit John Cole said: “Our continued partnership with Vita Group represents an important step in tackling the pressing need for purpose-built student housing, while also supporting the transformation of Canary Wharf into a vibrant residential area.
“As the UK’s largest student market, with 42% of its population coming from overseas, London faces a significant shortage of high-quality accommodation. This development will help address that gap, providing a first-class living experience in one of the world’s foremost education hubs.”
This latest scheme enjoys transport links, with three Docklands Light Railway stations nearby, enabling access to 19 London universities within a 40-minute commute.
The 48-storey development will offer a range of studio apartments across various types, from 18m² to 46m², and feature shared amenities such as a gym, cinema, and co-working spaces.
Vita Group’s tailored services for students include a social events calendar, contents insurance, concierge services, and fortnightly room cleaning.
Construction is anticipated to be completed by September 2028, with Tide Construction, a UK-based developer and contractor, leading the project.
This deal represents the second collaboration between Tide Construction and Vita Group. Tide Construction engages in residential-led brownfield regeneration and has completed over £4bn in real-estate projects.
