CBRE secures landmark funding deal for student accommodation scheme in Birmingham
Global real estate advisor, CBRE, has secured a £100m funding deal with AIG Global Real for MRP, the property division of McAleer and Rushe, for The Oynx, a 1,025-bed student accommodation project in Birmingham. This represents the largest single-phase forward funding deal in the Purpose Built Student Accommodation (PBSA) sector for a development of this size in the UK, as well as the highest value deal of this type outside of London.
The Onyx, situated on Lancaster Circus, is scheduled for completion in summer 2020.
“This announcement is testament to the credibility of the delivery team, the quality of the design and the strength of the Birmingham student accommodation market.”