Puma Property Finance announced it is facilitating a £52 million loan for a Vita Group 267-bed purpose built student accommodation (PBSA) scheme in Calton Road near Waverley Station in Edinburgh.

The development, called Vita Student New Waverley, will have commercial premises on the ground floor.

Vita Group has appointed its lead building contractor McAleer & Rushe to deliver the project on its behalf. McAleer & Rushe has been invested in the redevelopment of this area of Edinburgh and this is the fifth project undertaken by the company as part of the New Waverley Masterplan.

“Vita Student’s developments are recognised as best-in-class in the PBSA market, and the Edinburgh scheme will include amenities such as 24/7 security, a state of the art onsite gym, bike hire and storage, bookable private dining and study rooms and every bedroom will feature a high-quality fitout with 43” smart TVs and floor to ceiling windows,” said Puma Property Finance.

“Developed and operated by Vita Student, the scheme is targeting completion for incoming students during the September 2026 academic year.

“This scheme is the second that Puma has partnered with Vita on, having previously facilitated a £24 million loan for a 269-bed PBSA development in Belfast in September 2022.

“This will also be Vita’s third scheme in Edinburgh following the success of its previous two developments coupled with strong supply and demand dynamics for student accommodation in the city.”

Max Bielby, Chief Operating Officer for Vita Group, said: “Through this major investment into the redevelopment of New Waverley, the project will support economic growth creating new jobs for the city and provide much-needed student accommodation for Edinburgh’s growing student population.”

Puma Property Finance MD Kevin Davidson said: “The site offers a fantastic location for students – close to the city centre, transport links and the Edinburgh University campus.

“Vita Student’s developments are recognised as best-in-class in the PBSA market, and this site will be no different.”

Mark Diamond, Senior Director at McAleer & Rushe, said: “As an established construction partner to Vita Group, we have been entrusted to bring not only their vision to life but ensure the delivery of the final phase of this fantastic scheme reinvigorating this area of the city.

“Working collaboratively with Vita and the design team, our early engagement approach and technical expertise and knowledge has been invaluable to the development of this landmark scheme which will ultimately bring further investment into the city.”