UBS Triton Property Fund agreed to fund a new student scheme in Newcastle Upon Tyne for a maximum commitment of GBP 16 million.
Located in Clavering Place, adjacent to the main railway station and with direct access to the Quayside area, the scheme comprises a mixture of clusters, studios and 1- bed apartments along with exceptional amenity space. The accommodation is 'direct let' to students with Universal Student Living appointed as property manager.
Howard Meaney, Head of Global Real Estate's UK business said: "I am delighted that we have concluded UBS Triton's first transaction in student accommodation. Newcastle is a vibrant university city and we believe Clavering Place will set a new benchmark for student living when it is delivered in 2016."