- Having secured a major partnership with the University, Kexgill is
one of the leading still wholly privately owned student accommodation providers
in the UK;
- Kexgill will use the finance from OakNorth to convert four
semi-detached houses into 12 studio flats all of which are pre-let and to
complete the 200 house purchase known as the University Quarter®;
- The new accommodation, situated adjoining the campus, will be
available for the start of the 2019 academic year;
- OakNorth lent £12.7m to Kexgill in September last year for a major
new development at the University of Hull.
OakNorth Bank
– the UK bank powered by
OakNorth – has provided a loan to
Kexgill, one of the UKs leading student accommodation providers.
The Kexgill Group, who are in nine
UK cities and Germany including, Liverpool, Newcastle, Nottingham and
Dusseldorf, will use the finance from OakNorth to convert four semi-detached
houses into 12 studio flats for students at the University of Hull. The Newland
Park Avenue site, which will include a newly built central atrium and shared
entrance, is located adjoining the campus.
The new development is part of
The
University Quarter, a unique
partnership betweenthe University
of Hull and the Kexgill Group, which aims to provide students with the highest
standard of student accommodation and support all within a five-minute walk
from the campus.
Richard Stott, Group Managing Director of Kexgill, said: “It was a pleasure to work closely with Hemesh and the team again.
OakNorth has been hugely supportive in our growth journey so far and never
disappoint when it comes to putting together a bespoke finance package for us
in the timeframe that we need it. The University Quarter® forms an essential
part of the huge development taking part on and around the campus. Other than
units held back the entire Quarter as owned by the Group is fully forward let.”
Hemesh Patel, Property
Finance Director at OakNorth said: “Since its launch over 40
years ago, Kexgill has grown to become one of the largest still privately owned
student accommodation providers in the UK, boasting over 3000 student beds
across its portfolio. With the majority of its units being forward let, it’s
great to see Kexgill’s recipe for success continue in a city that holds
sentimental value to them, with their first ever site opening in Hull. We look
forward to working with them on future projects and seeing the development once
completed.”