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Student block gets funding
Jun 27 2007 by Tony McDonough, Liverpool Daily Post
BARCLAYS’ North West Property Team has provided a £24.5m finance package to GMD Developments, part of the Downing Group of companies, based in Liverpool.
The funding is to assist with the construction of a £38m three-tower student accommodation development in central Manchester, designed by Ian Simpson, which will provide 728 much needed student beds.
GMD Developments was established in May 2001 to progress development opportunities which include Downing’s investments in the student accommodation market.
Around 77% of the 68,000 students attending the universities in the area, including The University of Manchester, Manchester Metropolitan University and the University of Salford, cannot find purpose-built accommodation.
This has caused a huge demand for accommodation and the shortage is set to become more of a challenge as the universities continue to grow.
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