“Our continued partnership with Vita Group represents an important step in tackling the pressing need for purpose-built student housing, while also supporting the transformation of Canary Wharf into a vibrant residential area”
– John Cole – Eldridge Capital Management
Eldridge Real Estate Credit today announced the provision of debt facilities of over £200m to Vita Group for the development and construction of a 1,068-unit purpose-built student accommodation scheme in Canary Wharf, London.
The scheme, located at 30 Marsh Wall, directly south of West India Docks, will be one of the first PBSA developments to complete in Canary Wharf. The property benefits from exceptional transport connectivity, with South Quays DLR, Heron Quays DLR, and Canary Wharf Station all within a ten-minute walk, providing access to 19 London universities within 40 minutes.
The 48-storey development will feature 1,068 studio apartments across eight-unit types, ranging from 18 to 46 sqm. High-quality shared amenities will include a gym, cinema, games room, co-working spaces, and food and beverage options, ensuring a best-in-class living experience for residents. Vita Group’s tailored services will also enhance the offering, providing a social events calendar, contents insurance, concierge services, career tools, and fortnightly room cleaning.
Construction is expected to complete in September 2028, with Tide Construction serving as developer and contractor. The deal is Tide’s second project with Vita Group. Tide specialises in residential-led brownfield regeneration and possesses strong technical expertise in the delivery of schemes on constrained urban sites. It has delivered over £4bn in real estate, including international award-winning high-rise and PBSA schemes.
Eldridge Real Estate Credit invests in real estate credit opportunities throughout the US, UK, and Europe, including construction, bridge, and special situation opportunities across the capital structure. This marks the team’s eighth financing transaction with Vita Group, bringing its total support to approximately £1bn (including current and redeemed facilities) across the delivery of over 6,000 beds in the UK and Europe.
“Our continued partnership with Vita Group represents an important step in tackling the pressing need for purpose-built student housing, while also supporting the transformation of Canary Wharf into a vibrant residential area,” said John Cole, Global Head of Real Estate Credit, Eldridge Capital Management. “As the UK’s largest student market, with 42% of its population coming from overseas, London faces a significant shortage of high-quality accommodation. This development will help address that gap, providing a first-class living experience in one of the world’s foremost education hubs.”
“With its prime location in Canary Wharf and an unmet demand for student accommodation, this project represents an exciting opportunity to introduce Vita’s exceptional living experience to a new market. Our focus on creating vibrant communities, supported by high-specification amenities and services, ensures that students thrive both academically and personally,” added Ioannis Verdelis, Chief Investment Officer, Vita Group.
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