Zenzic Capital is delighted to have provided corporate finance advice to the joint venture between Torsion Developments Limited (‘Torsion’) and Harrison Street Real Estate Capital LLC Street on a senior development facility.
Torsion is a best-in-class developer, contractor, and operator of PBSA assets in the UK. Harrison Street is an alternative real estate investment manager which has invested over EUR 2.7 bn across 46 assets throughout Europe, including over 13,400 PBSA beds.
The facility will finance the development of Curzon Circle, a PBSA development of 290 studios in a highly sought after central location in Birmingham. Funding was provided by BentallGreenOak, the Canadian headquartered real estate lender with over $50bn of AUM. The funding was provided during the height of COVID demonstrating the strength of the underlying scheme and the combination of Zenzic’s advice and depth of funder relationships.
The successful debt raise will support an equity investment from the Torsion / Harrison Street JV which has an identified pipeline of approximately 3,000 beds across key UK markets totalling a targeted EUR 200m investment.