Cain and RG Real Estate Launch 353-Bed Greenwich Peninsula PBSA Development in London Market Entry
Cain, the global real estate investment manager, has launched a dedicated London purpose-built student accommodation (PBSA) strategy and announced its first investment under the initiative — a fully consented 353-bed development on the Greenwich Peninsula — in a joint venture with RG Real Estate, the firm announced July 16.
The London strategy targets the delivery of 2,000 beds across the capital and represents the latest expansion of Cain's pan-European living platform, which the firm said it aims to grow to 10,000 beds over the next five years.
Greenwich Peninsula Project Details
The development will comprise an 18-storey tower and is scheduled for completion ahead of the 2029/2030 academic year. The scheme is designed to be highly amenitised and will target leading BREEAM and building performance certifications, according to the announcement.
The site is located within the Greenwich Peninsula, which forms part of one of London's largest mixed-use regeneration districts. The broader district is slated to deliver more than 17,000 homes alongside retail, office, hotel, leisure, and cultural space. The area offers connectivity to Canary Wharf, the City of London, and London City Airport, as well as proximity to London's five top 100 global universities.
RG Real Estate, established in 2023 as the development arm of RG Group, is serving as developer for the scheme. The firm specializes in the delivery of residential and living sector assets across the UK and is currently managing a development pipeline of approximately £500 million. Working with Cain, RG Real Estate refined the project design to enhance the student experience, strengthen regulatory compliance, and optimize value through the creation of additional rooms, according to the announcement.
Executive Commentary
Arvi Luoma, Chief Investment Officer at Cain, said: "London is the world's largest student city and continues to attract both domestic and international students seeking world-class education and long-term career opportunities. We have an established PBSA platform with strong development partnerships across the UK having already delivered assets across a number of major university cities, and continue to see a significant opportunity to scale the platform through high-quality product in some of Europe's most dynamic university markets."
Oliver Cummings, Managing Director and Head of PBSA at Cain, said: "Greenwich is a compelling starting point for our London ambitions, combining excellent connectivity to London's leading global universities with proximity to Canary Wharf and the extensive amenities around the O2 Arena. London continues to face a severe shortage of high-quality student accommodation and we believe well-located, highly amenitised schemes such as this will continue to attract long-term demand. We're pleased to be working with a new development partner in RG Real Estate, alongside RG Group as General Contractor on the scheme. We are already collaborating with RG Group on the construction of two projects in Leeds and Bristol and look forward to building on the relationship through this exciting new development."
Nick Hayes, Managing Director of RG Real Estate, said: "It has been a pleasure working with Cain and their professional team to get this deal over the line. We specialise in transforming complex projects into secure, predictable investments and this project showcased the very best of what we offer. Our focus is on building long-term, strategic partnerships founded on trust, expertise and shared ambition. We look forward to strengthening our relationship with Cain and working together to deliver further opportunities in the future."
Cain's Broader PBSA Platform
The Greenwich Peninsula transaction follows Cain's entry into Italy the prior week through a partnership with Global Student Accommodation in Rome. Cain's PBSA platform represents approximately €1.2 billion in gross development value spanning approximately 4,000 beds across key university markets including Bristol, Leeds, Manchester, and Liverpool.
Prior to the divestment of its credit business to Eldridge, Cain also deployed more than £1 billion of construction financing into the PBSA sector across the UK and Spain.
The London strategy marks a continued geographic expansion for Cain as the firm scales its pan-European living platform across what it describes as Europe's leading university markets.
Sources
Cain International — Cain Expands Pan-European PBSA Platform with London Entry