A property loans company in London is to back the developer of a block of student accommodation in Belfast with £24m.
Puma Property Finance is providing the funds to English company Vita Group for its proposed 269 rooms on a site in Bruce Street.
The site, which was originally developed by Co Tyrone company MRP, is to be ready for students in time for September this year.
Vita Group said its location was a “convenient” site between Queen’s University and the city centre.
According to the group, it will offer “the very best student living experience” including private dining and study rooms, gyms and a daily events roster “promoting physical and mental wellbeing”.
Kevin Davidson, managing director of Puma Property Finance, said: “We’re delighted to support this development in what we hope will offer best-in-class service to Belfast’s bustling student population.
“This development will represent Vita’s debut and expansion into Northern Ireland. Vita is already well-known for providing significant amounts of amenity space in comparison to other developers and this will carry across to its latest Belfast development.
“Moreover, with reports of widespread student accommodation shortages creating challenges across the UK, we are proud to continue our ongoing efforts to support developments of this nature.”
Max Bielby, chief operating officer for Vita Group said: “Puma’s track record in purpose-built student accommodation (PBSA) makes them the perfect finance partner for Belfast, providing the business with relevant funding to deliver this exceptional building, creating a stand-out product in this new territory.”
Around 10 new blocks of student accommodation have been completed in Belfast in recent years in a rush to cater for students, including those at the new Ulster University campus in the city centre.
A further five are being built, while another three have been granted planning permission.