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Barclays funds student scheme
Barclays Real Estate has closed and funded a £66m senior debt facility for the Unite Group, the student accommodation provider and manager. The facility, which includes £50m for the development phase, enabled Unite to buy a sit at Great Suffolk Street on the Southbank for purpose-built student accommodation, which will be one of the largest in London and will eventually house a new 671-bed development for local universities including South Bank, Kings College, University of the Arts and the London School of Economics. The land was acquired in September for £31.5m and includes 24,000 sq ft of commercial space. Unite expects the end value of the scheme to top £100m.