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Emirates NBD, the second largest lender in the UAE, and the Abu Dhabi Islamic Bank (ADIB) have closed a £140 million ($177.6 million) senior financing transaction for a prime purpose-built student accommodation (PBSA) asset in central London in 50/50 club deal.
The financed asset, Paddington Citi View, comprises 353 bedrooms and is located close to London’s popular Paddington Station.
Formerly known as Lillian Pension Hall, the property was acquired by Union Property in 2022 from the University of London.
The UK’s PBSA market has attracted interest from global investors in recent months, with a Knight Frank report stating approximately £840 million was invested in the sector during Q3 2024 across 15 deals, with a year-to-date total of £3.3 billion, surpassing the same period last year by £1.3 billion.
Legal advisory for Emirates NBD was provided by Addelshaw Goddard LLP, while ADIB and Union Property were advised by Foot Anstey LLP and Muckle LLP, respectively.
(Writing by Bindu Rai, editing by Brinda Darasha)
