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OakNorth completes loan to returning client Kexgill for its latest student accommodation development at the University of Hull

OakNorth Bank
– the UK bank powered by OakNorth – has provided a loan to Kexgill, one of the UKs leading student accommodation providers.

The Kexgill Group, who are in nine
UK cities and Germany including, Liverpool, Newcastle, Nottingham and
Dusseldorf, will use the finance from OakNorth to convert four semi-detached
houses into 12 studio flats for students at the University of Hull. The Newland
Park Avenue site, which will include a newly built central atrium and shared
entrance, is located adjoining the campus.

The new development is part of The
University Quarter
, a unique
partnership betweenthe University
of Hull and the Kexgill Group, which aims to provide students with the highest
standard of student accommodation and support all within a five-minute walk
from the campus.

Richard Stott, Group Managing Director of Kexgill, said: “It was a pleasure to work closely with Hemesh and the team again.
OakNorth has been hugely supportive in our growth journey so far and never
disappoint when it comes to putting together a bespoke finance package for us
in the timeframe that we need it. The University Quarter® forms an essential
part of the huge development taking part on and around the campus. Other than
units held back the entire Quarter as owned by the Group is fully forward let.”

Hemesh Patel, Property
Finance Director at OakNorth said:
“Since its launch over 40
years ago, Kexgill has grown to become one of the largest still privately owned
student accommodation providers in the UK, boasting over 3000 student beds
across its portfolio. With the majority of its units being forward let, it’s
great to see Kexgill’s recipe for success continue in a city that holds
sentimental value to them, with their first ever site opening in Hull. We look
forward to working with them on future projects and seeing the development once
completed.”

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