Addleshaw Goddard advises Arada London and Shaw Corporation on £238m financing for 941 student bedrooms and 200 affordable homes in Southwark

Addleshaw Goddard (AG) has advised Arada London and Shaw Corporation on the £238 million development financing of Devonshire Place, a major development in Southwark that will deliver 941 purpose-built student accommodation (PBSA) beds alongside 200 affordable homes.

The financing, provided by Maslow Capital, marks the latest stage in the development of the scheme by Arada London and Shaw Corporation.

AG has advised on the site for the last two years, including on the sale of the affordable housing element to Legal & General Affordable Homes. The latest development financing represents the next major stage in the scheme’s progression.

The project was led by AG partners Catherine Williams and Ian Kynoch. The wider team included Sarah Wright, Sophie Ball, Aaron Escreet, Chris Fox, Twiza Mutambo, Sam Cary and Claudia O’Sullivan.

This is a significant financing for a major London development and such a positive sign for the development financing market at this time. This financing will enable an ambitious scheme to move forward, delivering substantial new PBSA alongside much-needed affordable housing in London.

Catherine Williams

Partner and Head of Living

Addleshaw Goddard

Catherine Williams, Partner and Head of Living at Addleshaw Goddard, continued:

“We have worked closely with the joint venture partners, Arada London and Shaw Corporation, on Devonshire Place since 2024. It has been particularly rewarding to support the project through a number of important stages including this latest milestone.”