Vita Group secures £169m funding as it looks to expand Vita Student brand
Vita Group has secured a £169m credit facilities to fund the growth of Vita Student.
The five-year finance facilities have been secured through Lloyds Bank, Wells Fargo, and PGIM Real Estate and will enable Vita Student to expand into new cities with a build to hold strategy.
The facilities are split between a £108m senior development and investment finance facility, provided by Lloyds Bank and Wells Fargo (50:50), and a £61m junior facility, provided by PGIM Real Estate. KPMG were the financial advisor for Vita Group.
Mark Stott, CEO of Vita Group, said: “Vita Student currently operates ten buildings across eight cities but with high demand for our product we want to be represented in more university cities. Successfully securing this credit allows us to do that quickly, while crucially allowing us to retain the assets.”