Almost £50 million of funding has been agreed to support the completion of a 693-bed student accommodation scheme in The Island Quarter site, Nottingham.
Developer Conygar said it had agreed up to £47.5 million of new banking facilities with Barclays, secured against the city centre development area. The money will not only pave the way for completion of the student flats in the summer of 2024, but also support their subsequent letting.
Conygar said it also hoped to raise £30 million of additional capital through the issue of zero dividend preference shares early this year to further invest in The Island Quarter site and potentially use for property acquisitions and investment in its other projects.
