Rothesay has completed a £400m eight-year investment facility in the purpose-built student accommodation (PBSA) sector.

The facility refinances a public securitisation for the Unite UK Student Accommodation Fund (USAF), whose assets are operated and managed by the Unite Group.

Established in 2006, USAF is the largest specialist student accommodation fund in the UK.

Meanwhile, Unite Group is the largest owner, manager, and developer of UK PBSA assets, with 68,000 beds across 153 properties.

Rothesay’s investment is secured against a portfolio of 23 PBSA assets located across 15 cities in the UK.

The firm currently invests over £42bn in the UK economy, including sustainable investments across companies and sectors such as social housing, education, healthcare and renewables, as well as UK government debt.

Commenting on the investment, Rothesay head of commercial real estate, Harish Haridas, said: “Rothesay’s in-house asset management and origination teams are dedicated to delivering high-quality, long-term investments like this, providing real retirement security for the over one million people whose pensions we protect.

"We’re pleased to complete this investment with the Unite Group and continue to grow our support for the higher education sector, which plays a vital role in the UK economy.”

On behalf of USAF, Unite Group director of group treasury and financial planning and analysis, Gary Leadbeater, added: “It was great to partner with Rothesay on this transaction - they were very diligent while also being pragmatic throughout the process.

“This new £400m loan will increase available liquidity and keep us well-positioned to deliver on our strategy, all while keeping our average cost of debt in line with expectations.”

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