O'Flynn Group, one of Ireland's largest privately owned property groups, has announced a €57m joint venture with US private equity property firm Westbrook Partners to develop a 435-bed student accommodation scheme in Wembley in north London.
The scheme has full planning permission on a site overlooking Wembley Stadium.
Victoria Hall, a subsidiary of the O'Flynn Group, will manage and run the development.
Royal Bank of Scotland has provided finance for the project, with investment being provided by Clovis Student Housing Group, a Jersey-based affiliate of Westbrook Partners.
Mace Living, the main contractor, will start building works on the site this month, and it is expected to be completed by August 2011.
The partners say that while demand for student accommodation has remained 'robust' throughout the economic downturn, though construction activity has been severely limited by the shortage of development finance.
