McLaren Property has secured a joint venture funding agreement with a London and Bahrain-based investment manager for its £45m Paris Gardens student halls scheme (pictured) on London’s south bank.
Apache Capital Partners has agreed to fund the Southwark development, which comprises 253 beds and is due for completion in September 2013.
McLaren has a development pipeline of 2,100 student beds with a gross development value of around £300m in locations such as London, Cambridge, Oxford and Bath.
John Gatley, McLaren managing director, said: “We look forward to developing a long-term relationship with Apache to inject capital alongside McLaren equity, and are already in discussion on future pipeline deals.”
John Dunkerley, managing partner of Apache, added: “The funding of Paris Gardens takes Apache Capital Partners’ gross assets under management to approximately $140m (£90m) and we also look forward to investing further with McLaren.”