Scape, a student accommodation provider, has confirmed a £125 million funding facility from NatWest to underwrite the construction of a 135-bed co-living development in Canada Water, due for completion in August 2026.
The plan is also set to refinance Scape’s adjacent 778-bed purpose-built student accommodation on the same Mulberry Walk site, highlighting NatWest’s growing role in the provider’s UK expansion.
Located just off Canada Street, the new co-living scheme will sit alongside Scape’s existing Canada Water student accommodation.
By focusing on community living under one roof, Scape aims to bring a dynamic “live-learn-work” environment from London’s undergraduates to early-career professionals.
Scape’s UK portfolio already comprises 7,500 beds in operation and under development, with flagship sites in Guildford (“The Guild”) and Boston (“The Bon”) under its Morro co-living brand.
Four further London projects are scheduled for development, reflecting Scape’s ambition to capitalise on high demand for flexible, community-focused housing.
NatWest, Britain’s bank for business, which has previously supported Scape’s 713-bed PBSA in Hammersmith (due to open this summer), says that the deal shows its commitment to supporting housing providers nationwide.
Eirini Kalamara, Relationship Director at NatWest, said: “As a leading housing lender, we are delighted to continue supporting Scape as the business expands its housing schemes. Our bespoke approach to financing has enabled us to design a flexible debt structure tailored to the unique needs of Scape.
"By aligning our financing options with our clients’ evolving requirements we are continuing to support them through changing demands for flexible living arrangements across the sector.”
For Scape, the partnership represents a deepening of a relationship. Ronan Kierans, Head of Debt at Scape, said: “We’re thrilled to be partnering with NatWest, who have a fantastic record of consistently delivering funding for Scape. With our growing pipeline of PBSA and living developments, we look forward to continuing our well-established relationships with NatWest.
"Our growth strategy remains as ambitious as ever - we’re actively seeking new opportunities in the PBSA and living spaces.”
Scape’s Morro brand, which focuses on co-living for young professionals, blends private bedrooms with communal lounges, kitchens, and coworking spaces.
This new housing model reflects a strong shift in the UK rental market toward social, amenity-rich environments that address both affordability and challenge isolation for residents far from home, especially international students.
London’s student population currently exceeds 400,000, with more international students set to come yearly, according to Scape.
Share