[Glenmore Group gets £11m loan for 98 student beds in Dundee]

Glenmore Group has successfully secured £11 million in financing to support the development of a 98-bed purpose-built student accommodation (PBSA) project in Dundee. This funding, provided by Puma Property Finance, will be used for a phase two extension to an existing 152-bed project funded by Puma back in 2023.
The strategic location of the development, near Dundee’s city centre and in close proximity to both the University of Dundee and Abertay University, makes it an ideal choice for students. The accommodation will consist of all-studio units and will be situated next to the Brown Street project, offering desirable amenities like a cinema room, roof garden, and gym to cater to the evolving expectations of students.
The first and second phases of the development are anticipated to be completed by the summer of 2024 and 2025, respectively, just in time for the commencement of the academic year. Andrew Whiteley, from Glenmore Group, expressed his excitement about collaborating once again with Puma to bring phase two of the PBSA project to fruition.
Whiteley stated, “We are thrilled to continue our partnership with Puma to deliver phase two of our PBSA development in Dundee. The city is home to two prestigious universities that are rapidly gaining prominence. We have engaged CRM Student to oversee the management of what will be a leading student accommodation in Dundee, offering exceptional studios and leisure amenities in a highly convenient location. We eagerly anticipate welcoming our first group of students to phase one this summer and phase two next year.”
Eliot Kaye, the managing director at Puma Property Finance, also shared his thoughts on the collaboration, remarking, “We are delighted to partner once again with Glenmore on the phase two extension of this project. With the continuous rise in UCAS applications, the demand for high-quality student housing is on the upswing throughout the UK, especially in Dundee, which has historically faced a shortage of such accommodation.”
Kaye added, “The student accommodation sector remains lucrative, with rental growth expected to range between 4% and 6% this year. With our extensive experience in the PBSA sector, having delivered over 3000 student beds to date, this development underscores our ongoing commitment to bolstering essential social infrastructure across the UK.”