Pluto Finance successfully closes £33 million loan for PBSA Development in Cardiff

We are pleased to announce the successful closing of a £33m loan for Urban Centric, in a joint venture with Housing Growth Partnership. This funding facilitates the transformation of a former office building in Cardiff into a premier 310-bed PBSA with ground-floor commercial space.

This project is a benchmark for responsible investment in the PBSA sector, demonstrating a strong commitment to ESG principles. Key features include:- Low-carbon construction methods, achieving a significant embodied carbon saving compared to a new build.- An EPC A rating, supported by PV panels, air source heat pumps, and battery storage.- Smart energy management systems, including Utopi smart monitoring and low-energy LED lighting.- Zero fossil fuels in use, creating a 100% electric building.

Jonathan Scott, Lending Director at Pluto Finance, commented: “This project not only meets the high demand for quality student housing in Cardiff but also sets a new standard for sustainable development. Its impressive ESG credentials, from renewable energy to significant carbon savings, align perfectly with our commitment to funding environmentally conscious projects. We look forward to seeing this innovative scheme come to life.”

Andrew Woods, Managing Director at Urban Centric added: “Securing this finance from Pluto Finance is a pivotal step for this landmark development. Their team understood our vision and the importance of the project's sustainability goals. This scheme will provide an outstanding living experience for students, fostering wellbeing and community, while also easing pressure on Cardiff's local housing market.”

This development will provide students with high-quality study areas, social spaces, and fitness facilities, while freeing up traditional housing for local residents. It's a prime example of how thoughtful development can create value for investors, occupants, and the wider community.

It was also a pleasure partnering with Glovers, Colliers and MDA on this project too.