A property developer has secured £11m funding from a bank co-owned by a Cambridge University college to acquire student housing in Salford.
Anthony Jackson, who trades under Innovation Control Ltd, will fully acquire the student housing asset with funding from Cambridge & Counties Bank, jointly owned by the University of Cambridge college Trinity Hall and Cambridgeshire Local Government Pension Fund.
The purpose-built 242-room student property Riverside House was initially owned by Innovation Control along with a number of other UK and international investors.
The new financing has been used to buy-out all external investors and bring the asset back into the full ownership of Innovation Control.
The property will continue to be managed by Portergate Management Ltd.
Wendy Burton-Webster, senior relationship manager at the Leicester-based Cambridge & Counties Bank, said: “We are delighted to be supporting a highly professional real estate investor.”
Phil Deakin of Eddisons, which completed the bank’s valuation, said: “The student sector continues to perform well nationally in top tier University cities and this purpose-built asset is a high-quality investment with excellent fundamentals”
The financing was intermediated through broker Donna Downey of Watts Commercial Ltd.
