Bridges Ventures, Chancerygate Invest In London Student Housing

21st Jun 2010 17:29

LONDON (Dow Jones)--Bridges Ventures Tuesday said it has invested in a student housing development in East London, the second investment the fund has made from its Bridges Sustainable Property Fund, which launched November. Bridges has partnered with real estate investor Chancerygate for its latest investment and the venture has already bought a key site which it will develop as housing comprising 339 student rooms, nine private apartments and a supermarket of 12,000 square feet. Construction on the new build is due to start this summer with completion scheduled ahead of the opening of the Olympic Games in early 2012. Financial details of the transaction weren't disclosed but debt funding is being provided by Barclays Bank PLC (BCS), which is the leading lender in the student sector. "The partnership is delighted to have been able to secure this transaction in this important regeneration area in London," said Simon Ringer, Managing Director of the Bridges Sustainable Property Fund. "There are around 270,000 students in the capital, yet the supply of good quality space is very tight, with occupancy running close to 100%," he added. Bridges is an investment company that invests in projects that provide social and environmental benefits, as well as strong financial returns. It has raised four funds to date, including Venture Funds I & II, the Bridges Sustainable Property Fund and the Bridges Social Entrepreneurs Fund. -By Marietta Cauchi, Dow Jones Newswires; +44 207 842 9241; [email protected] (END) Dow Jones Newswires June 21, 2010 12:29 ET (16:29 GMT)