Emirates NBD and Abu Dhabi Islamic Bank (ADIB) have finalised a GBP 140 million senior financing deal for Paddington Citi View, a Purpose-Built Student Accommodation (PBSA) asset in central London. The 50/50 club deal strengthens the UAE banks’ presence in international markets.
Paddington Citi View features 353 premium bedrooms and is located 100 meters from London’s Paddington Station. The property was acquired by Union Property in 2022 from the University of London. Formerly known as Lillian Pension Hall, the asset is positioned to capitalise on strong demand in London’s PBSA market.
“Paddington Citi View is a great addition to our portfolio and is perfectly positioned to meet the demand from the city’s student population for premium living options that are close to London’s academic institutions,” said Raj Sehgal, Managing Director at Union Property. “We are thrilled to have collaborated with ENBD and ADIB on this deal, which has been executed efficiently to support our strategic objectives.”
The UK’s PBSA sector continues to draw significant investor interest. Knight Frank reported GBP 840 million in sector investments during Q3 2024 across 15 transactions, with a year-to-date total of GBP 3.3 billion, exceeding the previous year by GBP 1.3 billion. This year, the sector accounted for 46% of global capital flows into PBSA assets.
ADIB’s recent UK transactions include a 613-unit Co-Living project in North Acton, a 300-unit PBSA in Kingston upon Thames, and a 90-unit PBSA in Manchester, alongside a residential portfolio of over 160 apartments in Manchester.
