Eldridge Real Estate Credit Secures £237 Million Loan for 1068-Bed Purpose-Built Student Scheme in Canary Wharf

LONDON--(BUSINESS WIRE)--Eldridge Real Estate Credit today announced the provision of debt facilities of over £200m to Vita Group for the development and construction of a 1,068-unit purpose-built student accommodation (“PBSA”) scheme in Canary Wharf, London.

Eldridge Real Estate Credit is a leading investor in real estate credit opportunities throughout the US, UK, and Europe, including construction, bridge, and special situation opportunities across the capital structure. This marks the team’s eighth financing transaction with Vita Group, bringing its total support to approximately £1 billion (including current and redeemed facilities) across the delivery of over 6,000 beds in the UK and Europe.

“Our continued partnership with Vita Group represents an important step in tackling the pressing need for purpose-built student housing, while also supporting the transformation of Canary Wharf into a vibrant residential area,” said John Cole, Global Head of Real Estate Credit, Eldridge Capital Management. “As the UK’s largest student market, with 42% of its population coming from overseas, London faces a significant shortage of high-quality accommodation. This development will help address that gap, providing a first-class living experience in one of the world’s foremost education hubs.”

The scheme, located at 30 Marsh Wall, directly south of West India Docks, will be one of the first PBSA developments to complete in Canary Wharf. The property benefits from exceptional transport connectivity, with South Quays DLR, Heron Quays DLR, and Canary Wharf Station all within a ten-minute walk, providing access to 19 London universities within 40 minutes.

“With its prime location in Canary Wharf and an unmet demand for student accommodation, this project represents an exciting opportunity to introduce Vita’s exceptional living experience to a new market. Our focus on creating vibrant communities, supported by high-specification amenities and services, ensures that students thrive both academically and personally,” added Ioannis Verdelis, Chief Investment Officer, Vita Group.

The 48-storey development will feature 1,068 studio apartments across eight-unit types, ranging from 18 to 46 sqm. High-quality shared amenities will include a gym, cinema, games room, co-working spaces, and food and beverage options, ensuring a best-in-class living experience for residents. Vita Group’s tailored services will also enhance the offering, providing a social events calendar, contents insurance, concierge services, career tools, and fortnightly room cleaning.

Construction is expected to complete in September 2028, with Tide Construction serving as developer and contractor. The deal is Tide’s second project with Vita Group. Tide specialises in residential-led brownfield regeneration and possesses strong technical expertise in the delivery of schemes on constrained urban sites. It has delivered over £4bn in real estate, including international award-winning high rise and PBSA schemes.

About Eldridge

Eldridge is an asset management and insurance holding company with approximately $74 billion in assets under management that consists of two divisions: Eldridge Capital Management and Eldridge Wealth Solutions. Eldridge Capital Management, through its subsidiaries, focuses on four investment strategies – diversified credit, GP solutions, real estate credit, and sports and entertainment – and conducts business under the Eldridge brand. Eldridge Wealth Solutions, an insurance and retirement solutions platform, is comprised of Eldridge’s wholly owned insurance companies, Security Benefit and Everly Life. Eldridge is wholly owned by Eldridge Industries.

Eldridge Real Estate Credit is the brand name for the real estate credit team at Cain International (“Cain”) that is being integrated into Eldridge. Cain is a privately held investment firm focused on real estate and business opportunities that shape the fabric of global gateway cities. Cain is a partnership between its CEO, Jonathan Goldstein and Eldridge Industries. Cain currently manages over $16 billion in assets through its real estate equity, real estate credit, and private equity platforms.

About Vita

Vita Group is dedicated to creating environments where people can thrive. Founded in 2012, Vita began with a mission to reinvent student accommodation. Since then, it has become the most recommended student housing provider in the UK and Spain, evolving to deliver four unique living brands—Vita Student, Uhaus, Union and House of Social. The four brands span 28 locations in 13 cities and through these locations, Vita serves a diverse community of residents from over 100 countries.

About Tide Construction

Tide Construction is a leading developer and contractor, transforming the way buildings are designed and delivered. With an innovative approach that utilises both traditional and volumetric construction methods, Tide delivers bespoke, high-quality developments at speed and scale while maintaining the highest standards of safety, sustainability, and efficiency.

As a trusted partner to leading global investors, Tide has delivered over £4 billion of real estate across the UK, including award-winning hotels, residential schemes, and student accommodation. The company is behind some of the world’s most advanced high-rise developments and currently has more than 3,000 homes under construction.

Committed to driving the modernisation of the built environment, Tide continues to push the boundaries of construction, proving that innovation and quality can go hand in hand to meet the UK’s urgent housing and infrastructure needs.

tideconstruction.co.uk