- NatWest has provided a £190 million green development loan to support the creation of a new Purpose-Built Student Accommodation (PBSA) in central London
- The 897-bed site will support the capital’s world class higher education sector
- The build champions NatWest’s Growing Together campaign, which supports regional growth
NatWest has provided a £190 million green development facility to urbanest to support the delivery of urbanest Albert Embankment, a landmark 897-bed PBSA development in Vauxhall, London.
Situated on Albert Embankment on the South Bank of the River Thames, the development will consist of two connected towers of 30 and 27 storeys, providing students with high quality, sustainable accommodation in one of the UK’s strongest and most supply-constrained student accommodation markets.
urbanest, one of London's leading PBSA developers and operators, is delivering the scheme in partnership with main contractor Midgard. Construction is expected to complete in summer 2029 and open to students for the 2029-30 academic year, with demolition work complete and main works underway following Gateway 2 approval.
Once complete, the scheme will provide best-in-class student living experience, featuring extensive resident amenities, a café and dedicated community space for a local dance school, creating a lasting benefit for both students and the surrounding Vauxhall community.
The project is targeting both Passivhaus and BREEAM Outstanding certification, reflecting a shared commitment between NatWest and urbanest to delivering sustainable buildings that are fit for the future and support long-term growth.
Alongside the delivery of new student accommodation, the development will support the continued growth of the local area by increasing housing provision for students in a well-established London location. The transaction builds on the longstanding relationship between NatWest and urbanest and demonstrates NatWest’s continued commitment to supporting the development of high-quality PBSA assets in markets where student demand remains robust and accommodation supply remains constrained.
Eirini Kalamara, Director in the Residential team at NatWest, said:
" We are delighted to support urbanest with the delivery of Albert Embankment, which will create world-class, sustainable accommodation for students while supporting the local economy.
“Through the Growing Together campaign, we're helping to unlock infrastructure developments that strengthen local economies while creating sustainable places for people to live, learn and thrive. We're proud to support urbanest in delivering a landmark project that will have a positive impact for London, its universities and the communities around it for years to come."
Paul Anderson, Group Treasurer at urbanest, said:
"As London continues to attract students from across the world, the need for high-quality, sustainable accommodation has never been greater. urbanest Albert Embankment represents a major investment to support the future of the capital's higher education sector and will provide almost 900 students with an outstanding place to call home.
We are proud to be working with NatWest to bring this vision to life. Together, we're delivering a development that will support London's universities, contribute to the local economy and further urbanest’s position in setting the standard for sustainable student living."
Howard Dawber, Deputy Mayor for Business and Growth said:
“It’s great to see NatWest funding new student accommodation in the city. Good quality, affordable housing is essential to ensure students from the UK and beyond can study in London and enjoy everything our amazing city has to offer.
“London is a global city with some of the best universities in the world. Our excellent higher education facilities support hundreds of thousands of students each year, enabling them to gain the skills they need to start their careers and helping to drive London’s growth. This new housing will benefit the local community as well as improve the student experience of those living there and is a great example of how private companies can help us as we continue to build fairer, more prosperous London for everyone.”
NatWest was advised by Norton Rose and Knight Frank on the financing, while urbanest was advised by Pinsent Masons.
Following the opening of urbanest Canary Wharf this September, urbanest Albert Embankment will become the company’s eleventh operational asset in central London, taking its portfolio to over 7,000 student beds.
About urbanest
- Urbanest is a Central London focused REIT specialising in developing and subsequently operating contemporary, premium purpose-built student accommodation ('PBSA’). Founded in 2008 and backed by long-term pension fund capital, urbanest’s approach is to work in close partnership with some of the leading universities concentrated in London, to offer a high-quality living experience to undergraduate and postgraduate students with a focus on welfare. The business is managed and run by a specialist in-house management team, many of whom actively participated in the creation and development of the PBSA sector in the UK.
- The company’s portfolio is comprised of ten architect-designed properties with an aggregate of over 6,000 beds, all of which are located in central London close to public transport connections and within a short distance of university academic / teaching facilities. The 250-strong team are strongly committed to optimising the environmental, social and governance (‘ESG’) credentials of urbanest schemes, and the business’ broader ESG footprint.
- Find out more at www.urbanest.info
