Crédit Agricole CIB Finances AustralianSuper's First Direct UK Development in Bristol's Growing Student Accommodation Market

The transaction, which closed on 26 November 2025 with funding on 1 December 2025, represents a deepening of the relationship between Crédit Agricole CIB and AustralianSuper, Australia's largest superannuation fund with over A$400 billion in assets under management (as at 30 September 2025).

While the two parties have previously collaborated through AustralianSuper's joint venture with British Land on the Canada Water development in London, this marks their first direct partnership in the UK market. 

This partnership highlights AustralianSuper's investment activity in the UK student accommodation sector and the Bank’s expanding role as a trusted financing partner for major institutional investors in this asset class.

The financing will support a state-of-the-art purpose-built student accommodation (PBSA) scheme in Bristol's Temple Quarter, a major regeneration zone transforming a former industrial area into a thriving mixed-use district.

This development will deliver 454 student accommodation units, comprising 82% en-suites and 18% studios, all available for direct letting. Strategically positioned just an eight-minute walk from the University of Bristol's new campus which is scheduled for completion in 2026, the development will offer residents access to modern amenities including a gym, study lounges, and social areas. 

With an estimated development period of approximately 25 months, the development is targeting practical completion in October 2027.

Bristol's appeal as a student accommodation investment destination is underpinned by strong fundamentals. The city is home to approximately 70,000 students across two major universities (the University of Bristol and the University of the West of England), yet maintains a PBSA bed provision rate of just 34%. This translates to a 3.0x student-to-bed ratio, highlighting significant undersupply in a market where 72% of students are domestic, providing stability and predictability to occupancy rates. 

This supply-demand imbalance positions the development to meet critical accommodation needs in one of the UK's most dynamic education hubs.

In line with both parties' commitment to environmental responsibility, the facility has been structured as a green financing. The development is targeting an EPC A rating and BREEAM "Excellent" certification, ensuring the building meets the highest environmental standards while providing students with energy-efficient, modern accommodation that reflects the evolving expectations of today's student population.

Crédit Agricole CIB acted as Mandated Lead Arranger, Lender, Bookrunner, Green Coordinator, Hedge Counterparty, and Agent & Security Agent, demonstrating the Bank's ability to provide integrated financing solutions across multiple roles.

The asset is part of AustralianSuper's recently launched UK Living platform, led by PBSA veteran Tim Butler, as part of a A$1.1bn commitment. Operational management will be provided by Homes for Students, one of the UK’s leading PBSA operators.

As AustralianSuper continues to invest in the UK, this successful partnership lays the groundwork for future collaboration.