£33m loan for Birmingham student accommodation provider

Leading full-service law firm Shakespeare Martineau has successfully acted for British bank Santander UK in connection with a £33 million loan facility to a Birmingham-based student accommodation provider.

The loan was used to purchase and refinance an existing block of student accommodation – allowing the provider to offer improved living conditions for learners and reinforcing Birmingham’s position as a thriving hub for higher education.

Shakespeare Martineau’s role in the transaction was comprehensive, with the team providing expert legal advice on the loan agreement and security arrangements. The firm also conducted thorough property due diligence and coordinated with Jersey-based lawyers.

Naomi Tudor, partner and head of banking and financial services at Shakespeare Martineau, who led the deal, said: “The ability to offer top-tier living conditions is crucial in attracting and retaining students, and we are proud to have played a role in this significant development.

“The loan enables the provider to expand and enhance their student accommodation, while the significant investment underscores Santander UK’s confidence in the sector. The transaction is also a strong indicator of the robust and continued demand for quality housing options for students pursuing higher education in the West Midlands.

“The deal needed to be completed within a tight timeframe, so we mobilised a dedicated team spanning two office hubs to successfully meet the three-week deadline.”

The Shakespeare Martineau banking and finance team that worked on the transaction also included partner Jake Holmes and chartered legal executive Noreen Khan-Ghalib,with support from Dominic Suffolk and Laura Taylor from the firm’s construction team.