Torsion Group agrees £63m PBSA financing deal
A Warwick PBSA scheme has been rolled into a major refinancing deal that shores up three fully let assets — and gives Torsion and Zenzic Capital fresh firepower to scale their student housing platform to £500m.
The agreement will see separate development loans for Burnsall House, as well as two PBSA developments in Leeds, settled as part of a five-year refinancing package provided by Cerberus Capital.
Burnsall House serves both the University of Warwick and University of Coventry, while Trapezium and Burley Studios are located in Leeds, which attracts over 210,000 students annually.
Operated by Torsion-owned Luna, accommodation across the three schemes totals 476 beds, with plans to grow the venture to create a £500m portfolio of over 2,000 beds.
Nadine Buckland, CEO of Zenzic Capital, said the deal was an important milestone for the JV which would stabilise the three assets, while providing firepower for further expansion.
“Despite challenges in some parts of the PBSA sector, the JV’s high occupancy levels are testament to the quality of our assets, which are situated in the best micro locations within popular student cities, as well as the professionalism and excellence of Torsion’s operating platform, LUNA,” she said.
“We look forward to working with our partners to grow the portfolio through acquisition or development opportunities in the months ahead.”
Dan Spencer, CEO of Torsion Group, added: “This refinancing is a significant milestone for Torsion and for our joint venture with Zenzic. It reflects the successful delivery and stabilisation of these assets and demonstrates the strength of our fully integrated model across investment, development and operations.
“Completing this refinancing not only validates the quality of the assets and the performance of our LUNA operating platform, but also provides a strong foundation for the next phase of growth.
“It is a clear example of how, when executed well, the PBSA sector can deliver resilient, full-cycle outcomes and long-term value, and we look forward to continuing to grow the portfolio together.”
