Puma Property Finance facilitates £52m loan to fund a new PBSA scheme in Edinburgh
Puma Property Finance has announced it is facilitating a £52 million loan facility for a Vita Group 267-bed purpose-built student accommodation (PBSA) scheme in Edinburgh city centre.
The development, called Vita Student New Waverley, will have commercial premises on the ground floor, is situated in the old town, a 5-minute walk from Edinburgh Waverley Station and a 15-minute walk to the University of Edinburgh’s main campus.
Vita Student’s developments are recognised as best-in-class in the PBSA market, and the Edinburgh scheme will include amenities such as 24/7 security, a state of the art onsite gym, bike hire and storage, bookable private dining and study rooms and every bedroom will feature a high-quality fitout with 43” smart TVs and floor to ceiling windows.
Developed and operated by Vita Student, the scheme is targeting completion for incoming students during the September 2026 academic year.
This scheme is the second that Puma has partnered with Vita on, having previously facilitated a £24 million loan for a 269-bed PBSA development in Belfast in September 2022. This will also be Vita’s third scheme in Edinburgh following the success of its previous two developments coupled with strong supply and demand dynamics for student accommodation in the city.
A view from Vita Group
“We’re delighted to assemble our trusted partners McAleer & Rushe and Puma Property Finance so that work can get started on transforming this brownfield site into our third Vita Student residence in the city. "Through this major investment into the redevelopment of New Waverley, the project will support economic growth creating new jobs for the city and provide much-needed student accommodation for Edinburgh’s growing student population.”
A view from Puma Property Finance
“We are delighted to be renewing our partnering with Vita on this mixed-use student and commercial development. The site offers a fantastic location for students - close to the city centre, transport links and the Edinburgh University campus. “Vita Student’s developments are recognised as best-in-class in the PBSA market, and this site will be no different. Working with my Manchester-based colleague, Paul Murphy, we have built a great relationship with the team at Vita and we’re looking forward to supporting them on more developments in the future.”