The European Kexgill Group is one of the largest privately owned student accomodation providers in the UK.
This ten year, £16m, interest only commercial residential investment refinance loan that Aldermore have provided will refinance student accomodation properties. Nine of them are located in Nottingham and one in Liverpool, with a total of 369 bedrooms across the residential units.
This new loan brings Kexgill’s total lending with Aldermore to £46m overall. It is one of the largest facilities the lender has completed so far.
Graham Ritchie, head of commercial mortgages north at Aldermore, said: “It’s great to be backing Kexgill again and provide them with the tailored funding facilities they need.
Kexgill are highly experienced property investors and developers within the student accommodation space and are one of the leading providers in the North of England.
Student accommodation is a sector which unfortunately many traditional lenders have turned their backs on, as developments can be complex.
This deal demonstrates Aldermore’s expertise in this market and our commitment to providing support for regional lenders like Kexgill.”
Michael Graham, senior lending manager at Aldermore, said: “Both Nottingham and Liverpool have a thriving student scene with world renowned universities.
Kexgill’s properties are in prime locations and will help strengthen the quality of student accommodation in the two cities.
Across all properties Kexgill manage, they have maintenance teams who are available 24/7 and are ready to conduct repairs within the same working day.”
Richard Stott, managing director of the Kexgill Group, said: “Another smooth transaction from Aldermore helping us expand in selected areas in the UK.
I’m particularly pleased with the courtyard development purchased in Liverpool which ideally suits our returning student model.”
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Earlier this week, Aldermore published its annual results for the financial year ended 30th June 2021. They showed that Aldermore Group’s pre-tax profits have more than trebled from 2020 levels, having risen to £157.8m.