A major £16 million cash injection is set to transform a 150-bed student accommodation block in Cambridge into modernised facilities, complete with dedicated study spaces, a cinema room, and en-suite bedrooms. Rengen, a property developer, has secured the funding from lender Atelier, marking their ninth joint project in the student housing sector.
The loan facility will be used to upgrade an older PBSA block over 20 months, delivering new communal amenities and refurbishing existing facilities. Once complete, the scheme will boast 150 en-suite bedrooms across two phases of development: the first phase is expected to deliver 50 beds by September 2026, with the remaining 100 ready for occupation in January 2027.
Cambridge's student accommodation market is under pressure due to high demand from increasing student numbers at both the University of Cambridge and Anglia Ruskin University. The refurbishment project aims to address supply challenges by modernising existing properties, ensuring adequate housing options for the city's students.
Avi Miller, Atelier's credit director, praised Rengen's expertise in repositioning older PBSA assets, citing their successful track record of delivering projects on time. Iestyn Lewis, founder and CEO at Rengen, commended Atelier's efficiency in structuring the finance, highlighting their ability to work under tight deadlines.
The deal underscores efforts within the property development sector to update and improve older student housing, making it competitive and suitable for evolving student needs in key university cities across the UK.