Dundee project

Glenmore secures £11 million for PBSA scheme

Glenmore’s PBSA scheme in Dundee

Glenmore Group has secured £11 million for a 98-bed purpose-built student accommodation (PBSA) development in Dundee.

The follow-on loan from Puma Property Finance will support a phase two extension to an existing 152-bed scheme in 2023.

The scheme sits close to Dundee’s two universities, the University of Dundee and Abertay University. The two phases are due to reach practical completion in summer 2024 and 2025, respectively.

Andrew Whiteley at Glenmore Group said CRM Student has been appointed to manage the property.

Eliot Kaye, managing director at Puma Property Finance, said: “With growing numbers of UCAS applications, demand for high-quality student accommodation is only increasing across the UK, particularly in Dundee which has been historically undersupplied.

“The sector also continues to deliver attractive returns, with rental growth projected to hit between 4% and 6% this year.

“We have strong experience in the PBSA sector, having delivered over 3,000 student beds to date, and this development represents our sustained commitment to supporting essential social infrastructure across the UK.”

Leave a Reply

Your email address will not be published. Required fields are marked as *

This site uses Akismet to reduce spam. Learn how your comment data is processed.