Norton Rose Fulbright advises NatWest on £190 million green development financing for urbanest student accommodation scheme in London

Global law firm Norton Rose Fulbright has advised National Westminster Bank Plc (NatWest) on a £190 million green loan facility to finance the development of a landmark purpose-built student accommodation scheme at 38-46 Albert Embankment in London.

The financing refinances the acquisition of the site and provides development funding for a major new student accommodation project in Vauxhall. Developed by student accommodation specialist urbanest, the scheme will comprise 765 rooms and 897 beds across a prominent riverside location, with practical completion anticipated in 2029.

The development is being delivered with the aim of achieving a BREEAM rating of Excellent or higher, supporting both the sponsor's and lender's commitment to sustainable development and the provision of high-quality student housing in London.

Sarah Cullen, Head of Real Estate Finance, EMEA at Norton Rose Fulbright, commented:

"We are delighted to have advised NatWest on this significant financing. The transaction demonstrates continued investment in high-quality, sustainable student accommodation and reflects the ongoing demand for well-located purpose-built student housing in London. We are pleased to have supported our longstanding client on another important transaction."

Eirini Kalamara, Director Real Estate Finance at NatWest, said:

"We are delighted to have worked with Norton Rose Fulbright on this landmark financing for urbanest. The team demonstrated exceptional commitment, commerciality and technical expertise throughout the transaction, helping us successfully deliver a complex financing within a very demanding timeframe. Their diligence, practical approach and high-quality legal advice were instrumental in achieving a successful outcome for all parties involved."

The Norton Rose Fulbright team was led by London-based Head of Real Estate Finance, EMEA, Sarah Cullen and senior associate Colin Kwok, supported by associate Alexandra Dumble. The firm's real estate team was led by Wasim Khan, Head of Real Estate, EMEA, and senior associate Emily Colville, supported by associate Emma Bond. Specialist advice was also provided by the firm's planning and construction teams.