Atelier Extends Fourth PBSA Loan this year to Rengen

Atelier, a development lender, has provided funding to Rengen, a specialist developer focused on regeneration, to facilitate the execution of four novel projects.

Atelier has allocated four separate loans since February, ranging from £2.7 million to £7.3 million, to bolster Rengen's endeavours in PBSA regeneration initiatives. Collectively, these ventures encompass a Gross Development Value totalling £30.1 million.

The developer's most recent undertaking involves the revitalisation of a student accommodation structure situated in the centre of Bristol.

To facilitate this venture, Atelier has extended a loan facility of £6.75 million, equivalent to 65% Loan-to-Value (LTV), empowering Rengen to procure and undertake a comprehensive renovation of the building.

Arranged into apartments and situated within the University of Bristol's East Residential Village, the PBSA project accommodates almost 4,000 students.

Atelier's financial support has played a pivotal role in Rengen's achievements, forming an essential component of the developer's capability to secure prime locations in university cities such as Bristol and Bath, where the demand for PBSA remains high.

The collaboration between the two firms materialised in 2021.

Iestyn Lewis, CEO at Rengen, commented: "Working with Atelier gives me the agility and certainty I need to secure the best development opportunities. Atelier's team understand my financial requirements and what it takes to succeed in the fast-growing but competitive student accommodation space - and our relationship feels like a genuine partnership.

"Atelier's fixed interest rates are highly competitive, but their real value - and the reason I keep choosing to work with them - is the certainty they provide on every deal.

"Rengen's reputation is built on our ability to deliver consistently high-quality accommodation, and this is underpinned by the combination of our in-house expertise and certainty over our finance. Atelier's support gives us a decisive edge."

Chief Originations Officer at Atelier, Martin Gilsenan, stated: "Iestyn and his team at Rengen have been successfully delivering student accommodation schemes since 2010, and their reputation is now second to none. This enables them to secure the best sites, even in university cities such as Bristol where demand and competition are highest. We're delighted to have forged an enduring relationship with Rengen and to be helping them deliver comfortable, regenerated accommodation for the next generation of students."