Aldermore Bank has provided existing client Kexgill Limited Group (Kexgill) a further £11.2m loan. The loan assists the Group to refinance recently developed student accommodation projects which will add 170 new bedrooms in city locations, which is well placed relative to universities, adding to their extensive portfolio.
This new deal brings Aldermore’s total lending with Kexgill to £58.5m, which has helped to enable Kexgill’s growth ambitions, to create vibrant student living at scale across the North of England.
Kexgill owns and self-manages a significant number of student accommodation beds throughout England and parts of mainland Europe. Established over 47 years ago and still innovating with particular emphasis on university partnerships.
Michael Graham, CRE Business Development Manager at Aldermore, said:
“It’s great to be backing Kexgill once again and provide them with the tailored finance they need. Student accommodation developments can be complex, which can mean some traditional lenders can turn their backs on this sector.”
Graham Ritchie, Head of CRE at Aldermore, said:
“Banking is about helping great clients and people, achieve their business goals and that’s only possible when strong relationships are formed, created through consistent delivery which builds trust - and that’s the mutual relationship we have with Kexgill – we deliver because they deliver, and they’re a joy to work with.”
Richard Stott Managing Director of Kexgill Group said:
“We’re thrilled to have Aldermore’s continued support as we expand our student accommodation portfolio in prime locations across England. This funding enables us to build on our success, and we’re delighted to see our partnership with Aldermore go from strength to strength. Having a lender with deep expertise, a proven track record in financing complex deals, and a genuine understanding of our needs and ambitions makes all the difference."
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