ICL secures £11m to acquire student housing asset
Property developer Innovation Control Ltd (ICL) has secured £11m in finance from Cambridge & Counties Bank to acquire a 242-room student housing asset in Salford.
Riverside House is located in Salford was initially owned by ICL and a mix of other UK and international investors.
The new financing has been used to buy-out all external investors and bring the asset back into the full ownership of ICL, and was intermediated through Watts Commercial Ltd.
UK property developer Anthony Jackson who trades through ICL, said: “We’re delighted to be able to work with both Watts Commercial Ltd and Cambridge & Counties Bank.
“The service from Cambridge & Counties Bank, through Watts Commercial, has been excellent throughout and allowed us to focus efforts on the success of both existing and new projects.”
Wendy Burton-Webster, senior relationship manager at Cambridge & Counties Bank, said: “We are delighted to be supporting a highly professional real estate investor.
“I would also like to thank Donna Downey of Watts Commercial for introducing us to this new client.”
This comes after recent research by Cambridge & Counties Bank shows that almost a third (61%) of UK landlords and property investors are optimistic about the growth of student accomodation over the next three years.