In partnership with real estate investor Chancerygate, Bridges Ventures recenty invested in a student housing development in East London. This is its second investment from the Bridges Sustainable Property Fund, launched in November 2009.
Construction at a newly bought key site in the area will begin during the summer, and is scheduled for completion by the opening of the 2012 Olympic Games. The development will include 339 student rooms, nine apartments for private use and a supermarket comprising 12,000 square feet.
The partnership obtained funding from Barclays Bank plc (BCS), a leading provider of financing in the student sector.
Simon Ringer, the managing director of the Bridges Sustainable Property Fund, was excited about the opportunity. He told the Wall Street Journal: ?The partnership is delighted to have been able to secure this transaction in this important regeneration area in London.?
It is projected that the development will be particularly relevant, not only in the targeted area but also in the capital as a whole, as good quality rental space for students is limited. Mr Ringer said that occupancy is close to 100 per cent for the estimated 270,000 students in London.
The partnership and new build are therefore set to provide benefits for all involved; both students and investors.
In addition to housing investments, Bridges is a diverse company that focuses on providing social and environmental benefits. Its investors can expect strong financial returns, as proved by the four funds the company has launched to date. These include the Bridges Sustainable Property Fund, and Venture Funds I and II, as well as the Bridges Social Entrepreneurs Fund too.
