Cain International
London, 24 April 2024: Cain International (‘Cain’), the privately held investment firm, has today announced a £91.5M construction loan to Vita Group for its inaugural House of Social.
Located in Manchester’s growing academic district on First Street, the new 14-storey Purpose-Built Student Accommodation (‘PBSA’) concept will provide 576 beds targeting students who crave more social and independent living as they transition to adult life.
Designed to re-invent the traditional student home, the four-to-six-bedroom clusters or ‘Houses’ will be complemented by shared open-plan kitchens and lounge areas, as well as access to a dedicated gym.
Central to the brand proposition, House of Social will also feature a 14,000 sq. ft. destination food hall on the ground floor, with five independent kitchens celebrating the very best of Manchester’s emerging street food and restaurant culture.
The loan marks Cain’s sixth transaction with Vita and its second in Manchester since 2020. The partnership recently expanded their activity to continental Europe, through Cain’s sponsorship of Vita’s flagship PBSA development in Madrid. To date, the partnership has supported the delivery of over 4000 beds across the U.K. and Europe.
Graham Keable, Managing Director at Cain International, said: “We believe Cain’s distinctive advantage lies in its partnership model, and we are delighted to extend our relationship with Vita as they introduce a new dimension of student living to the market. Cain’s long-standing experience in this sector, through its credit and equity practices, bolsters our confidence in the stability of U.K. university cities and we eagerly anticipate the positive impact this project will have on the community and the future of student accommodation.”
Mick Slater, Chief Financial Officer for Vita Group said: “Closing this agreement with Cain enables us to bring the House of Social vision to life for the first time in Manchester. Centred around a destination foodhall, House of Social will service Manchester’s undersupply of student accommodation with 576 student beds designed for Manchester’s more independently minded students who traditionally find themselves in HMOs and private rentals on the outskirts of the city.”
The transaction adds to Cain’s expanding portfolio in the alternatives residential sector. In 2023, Cain arranged over £425M specifically towards this sector across the U.K. and Europe, covering a variety of projects including care homes, PBSA, and Build-To-Rent (‘BTR’) developments.
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