Melburg & TPGAG lock in €90.6m Maslow Capital debt facility to deliver Bristol’s first eco-PBSA scheme
A joint venture between Melburg Capital [Melburg] and TPGAG, announce the completion of a €90.6m development facility with specialist real estate finance provider Maslow Capital, to bring forward their 399-bed eco-purpose built student accommodation scheme in the heart of Bristol City Centre.
Having secured planning permission to transform the former South Plaza office complex in May 2024, Melburg have signed a build contract with Winvic and begun reimagining the scheme to provide Bristol’s first eco-PBSA development.
The development will provide 399 student beds whilst retaining the original office structure. In so doing, the proposal will save 4,215 tonnes of embodied CO2, when compared with a demolition and rebuild. The embodied carbon will be 33% lower than a new ultra-low energy steel framed building, the equivalent of powering 1,504 houses a year, and save an additional 3,000 tonnes of CO2 by connecting to Bristol’s District Heat Network, incorporating heat pumps and roof-mounted PV panels. This will enable the project to target BREEAM Excellent certification and an EPC A rating.
Featuring 11,464 sq ft of internal amenity space, the scheme offers a market-leading 29 sq ft of internal amenity space per bed, setting a new benchmark in student accommodation. Residents will enjoy an unparalleled array of premium amenities designed to enhance their university experience. These include a yoga studio, gym, lounge, library, study space, bookable meeting room, faith room, laundry facilities, and a roof terrace on the 10th floor. It will also feature 8,181 sq ft of external amenity space and promote eco-friendly transportation by providing 434 cycle parking spaces. The scheme is due for practical completion in June 2026.
BBS Capital acted as debt advisor to the JV. Burgess Okoh Saunders and Freedman + Hilmi provided legal services. Savills acted as property advisors.
“We are pleased to partner with Maslow Capital to deliver this ambitious scheme, and look forward to welcoming students for the 2026 academic year. We continue to selectively grow our student housing exposure as part of our wider investment into the living sectors, which now stands at over 2500 beds”Jack Burgess, Melburg’s Chief Executive Officer
“Maslow is delighted to be partnering with TPGAG and Melburg to deliver much-needed student housing in the Bristol market. This €90.6m commitment underscores Maslow’s strong appetite for partnering with best-in-class sponsors and delivery teams to fund high-quality living sector assets across the UK and Europe. It has been a pleasure working with all parties involved, and the Maslow Capital team looks forward to seeing the asset’s delivery over the next two years.”James Henry, Director, Origination at Maslow Capital
“PBSA has been one of our most active sectors this year as the debt markets continue to be highly competitive for schemes in core University cities backed by strong sponsors. We’re delighted to complete another financing for TPGAG and Melburg and it was a pleasure working again with the Maslow team”. Adam Buchler, Managing Director at BBS Capital
