CitiBlock secure funds for major refurb in Lancaster

Student accommodation provider CityBlock Group has secured £8.2m in new funding from NatWest to support a major refurbishment project.

Monday, 3rd October 2016, 8:36 am
Updated Wednesday, 5th October 2016, 2:19 pm
PROJECT: The new scheme

The Lancaster-based company provides high quality, secure student accommodation facilities in Lancaster and Leicester.

The facilities are used by students from more than 40 countries.

CityBlock, in partnership with a client of Cluttons Capital Partners, is undertaking a major refurbishment of Berkshire House in Reading which will create 134 student beds all available for direct let.

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The new funding facilities from NatWest will be used to support the project.

CityBlock has been a NatWest customer since 2013.

Trevor Bargh, managing director of CityBlock, said: “The project is an exciting development that will give students a fantastic living and learning environment. What is needed in terms of accommodation is always changing so having a bank like NatWest that understands our business and how we need to grow makes a huge difference. We have always been impressed with the NatWest team’s responsiveness and commitment to supporting our business.”

Ross Owen from Cluttons added: ‘’Reading is a top flight university and has seen substantial growth in full time post graduate students in recent years. This scheme is well positioned to deliver high quality accommodation to meet this growth in demand.”

Andrew Dignum, relationship director at NatWest Real Estate Finance in Manchester, supported the deal.

He said: “CityBlock is a well established and respected family business with a great track record of success. The development in Reading will provide much-needed accommodation.”