Ankor Property Group secures £17.5m loan for student sites in Ealing and Greenwich

Ankor Property Group has secured an eight-figure loan for two student accommodation sites in Ealing and Greenwich.

The developer received a £17.5m refinance package from entrepreneur bank OakNorth that will offer it an extended marketing period for its developments in the boroughs.

The Ealing and Greenwich schemes, which together comprise 111 studio apartments, are part of Ankor’s Cube portfolio.

The portfolio also includes a mixed-use scheme in Reading consisting of 33 flats and three restaurants.

By the end of 2020, Ankor intends to grow its asset base to 12 schemes, with a focus on student housing, aparthotels, serviced apartments and the private rented sector.

The two-year plan will include a £100m joint venture with Chinese investors and a potential IPO.

Ankor Property Group’s MD and founder, Nori Touati, said: “With real estate in the UK becoming increasingly expensive, diversification and sourcing different opportunities are essential.

“The market expertise of the Ankor team in the UK gives us the chance to develop our portfolio, both in terms of size and sector.”

Nori added: “OakNorth’s support has been invaluable – being a fast-growing organisation like ours, they thoroughly understood our need for speed and took the time to understand our business and growth plans. “

Deepesh Thakrar, senior director of debt finance at OakNorth, commented: “Demand for student accommodation remains high in London – it’s the world’s largest student market, with more than 300,000 full-time students, four universities in the top 50 and a quarter of all international students studying in the capital.

“The team at Ankor have chosen a prime sector to achieve their ambitious growth plans and we look forward to working with them on future projects.”