Student accommodation developer Scape has secured a £500m joint venture with pension investor APG to fund its expansion into mainstream housing.
The joint venture is seeded with around 1,000 student rooms in London and the south east, a £250m mixed use residential and student development in Canada Water and the first Scape mainstream project in Guildford.
The partnership will establish Scape as one of the world’s largest developers and operators of purpose-built student accommodation, the property firm said.
It will also fuel the firm’s expansion strategy into mainstream residential housing, as it takes its new Scape Living concept to a wider market.
Scape Living provides city centre studio apartments including share spaces such as fitness studios, co-working zones and kitchens, as well as grocery deliveries and an events programme.
Scape co-founder and global chairman Nigel Taee said: “Our student proposition is just the beginning for Scape. We have ambitious plans for the next few years as we develop the Scape offering and start to move into new territories.
“Scape Student has gone from strength to strength over the last 12 years. We will continue to develop this both in the UK and globally whilst also extending our proposition to provide quality accommodation for city dwellers with Scape Living.”