Nuveen Real Estate completes £151m green loan secured against a PBSA asset for urbanest Battersea

London, 13 May, 2025 – Nuveen Real Estate, one of the largest real estate investment managers in the world with $141 billion of assets under management, has provided a senior term facility of £151m to urbanest, the leading Central London student accommodation developer and provider.

The investment facility is secured against urbanest Battersea, a brand new operationally stabilised purpose-built student accommodation (‘PBSA’) asset close to the Battersea Power Station regeneration area in Central London and a stone’s throw from the new Northern Line extension serving it. It forms a part of urbanest’s wider 4,645 bed portfolio in London’s Zone 1.

Having achieved practical completion ahead of occupation for the new academic year in September 2024, urbanest Battersea is pioneering in terms of its sustainability credentials. It recently achieved Passivhaus accreditation which makes it the largest Passivhaus building in the UK and the eighth largest in the world¹.

Rendering conventional heating systems unnecessary, the Passivhaus low-energy construction concept makes efficient use of the sun, internal energy sources and mechanical ventilation with heat recovery. This allows for space heating and cooling related energy savings of up to 90% compared with typical buildings and over 75% compared to average new builds. The building was also delivered to BREEAM Outstanding standard¹.

The property’s location provides residents easy access to all the amenities of the Battersea Power Station development, and the nearby tube station connects them directly to the multitude of university campuses across London comfortably within 30 minutes’ travel time.

The asset comprises 853 beds, and occupancy has been stabilised in the high 90% range in the first academic year since opening, reflecting a blend of nominations agreements and direct let beds. The student accommodation is split between three blocks, and onsite student amenities include a gym and bike storage facilities, whilst also benefitting from access to shared social and study spaces, a cinema room, a café and an enclosed roof terrace.

Caroline Pellmann, Senior Director at Nuveen Real Estate, said: “The ongoing trend of student population growth combined with the structural undersupply of quality PBSA beds, particularly in Central London, continues to attract investor capital into this sector. Despite only opening in September last year, urbanest Battersea’s occupancy level demonstrates the demand for high-quality, well-located student accommodation in Central London. This facility provides an excellent opportunity to add further exposure to a much sought after asset class and we are proud to work alongside such a highly experienced sponsor specialising in the PSBA space.”

Vicky Skinner, CFO at urbanest, said: “We are delighted to partner with Nuveen Real Estate for the refinancing of our newest asset, urbanest Battersea. The business has pushed sustainability boundaries far beyond anything seen in the UK PBSA sector to date, and we are immensely proud to have created a world-class sustainable student community in London where our student residents, University partners and our team can thrive.”

Nuveen Real Estate

Nuveen Real Estate is one of the largest investment managers in the world with $141 billion of assets under management.^*

Managing a suite of funds and mandates, across both public and private investments, and spanning both debt and equity across diverse geographies and investment styles, we provide access to every aspect of real estate investing.

With over 90 years of real estate investing experience and more than 750 employees^* located across 30+ cities throughout the United States, Europe and Asia Pacific, the platform offers global reach with deep sector expertise, providing investors access to high quality investments across the private real estate investment landscape.

For further information, please visit us at nuveen.com/realestate

urbanest

urbanest is a Central London focused REIT specialising in developing and subsequently operating contemporary, premium purpose-built student accommodation ('PBSA’). Founded in 2008 and backed by long-term pension fund capital, urbanest’s approach is to work in close partnership with some of the leading universities concentrated in London, to offer a high-quality living experience to undergraduate and postgraduate students with a focus on welfare. The business is managed and run by a specialist in-house management team, many of whom actively participated in the creation and development of the PBSA sector in the UK.

The company’s portfolio is comprised of nine architect-designed properties with an aggregate of 4,645 beds, all of which are located in London’s Zone 1 close to public transport connections and within a short distance of university academic / teaching facilities. The 200-strong team are strongly committed to optimising the environmental, social and governance (‘ESG’) credentials of Urbanest schemes, and the business’ broader ESG footprint.

Find out more at www.uk.urbanest.com