Scape secures £125m NatWest funding for co-living and student housing in Canada Water
The Scape Canada Water housing development has secured a major £125 million boost from NatWest, reinforcing London’s growing focus on student and co-living accommodation in high-demand areas.
Due to complete in August 2026, the scheme will deliver a 135-bed co-living space on Mulberry Walk, just off Canada Street in southeast London. It will be built on the same plot as a much larger 778-bed student residence already operated by Scape. Both schemes will be refinanced as part of the funding package, underlining continued confidence in London’s purpose-built accommodation sector.
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Boost for flexible, modern housing
Scape is already well established as a provider of student housing, but the Canada Water development also highlights a growing shift toward co-living models for young professionals and recent graduates priced out of the traditional rental market.
Under its co-living brand, Morro, Scape has delivered innovative housing solutions like The Guild in Guildford and The Bon in Boston. These developments prioritise community, modern amenities, and flexible lease terms, a model increasingly relevant to urban renters in the UK’s post-pandemic housing landscape.
The Canada Water scheme marks the latest in a series of Scape projects supported by NatWest. The bank also financed a 713-bed student housing project in Hammersmith, which is due to be completed later this summer. The new development in Canada Water is part of a wider pipeline of upcoming Scape projects across London.
“Our strategy remains ambitious”
Ronan Kierans, Head of Debt at Scape, called the partnership with NatWest “well-established and trusted,” adding: “Our strategy remains ambitious—we’re actively looking for new opportunities across the PBSA [purpose-built student accommodation] and co-living sectors.”
He also highlighted the speed at which co-living is being adopted, driven by growing demand among young people for affordable, socially engaging housing that also offers privacy and convenience.
This hybrid model offers not just a place to sleep but a lifestyle—shared kitchens, lounges, coworking zones, and gym access are often standard. With London rents still climbing and a shortage of mid-range housing, Scape’s model is designed to bridge the gap between student halls and private lets.
NatWest’s tailored financing model
Eirini Kalamara, Relationship Director at NatWest, said the bank had designed a bespoke financing structure to meet Scape’s needs:
“As a leading housing lender, we’re committed to supporting innovative accommodation providers like Scape. The flexibility in our approach is key to helping them respond to evolving residential demands.”
With many London councils and planners now favouring mixed-use and high-density developments, Canada Water’s regeneration, led in part by British Land, has become a flagship example of how the capital’s districts are being reimagined. Scape’s addition to the area, blending student housing with co-living, complements broader plans for homes, offices, and cultural venues.
Legal and advisory support
The deal was supported by legal and advisory teams on both sides. DWF Law LLP and Knight Frank advised NatWest, while Simmons & Simmons acted for Scape. The development is now progressing towards the construction phase, with design details and tenancy information expected to be released later this year.
The development is part of a wider regeneration of the Canada Water area, which is undergoing significant transformation led by British Land’s masterplan for Canada Water, aiming to deliver new homes, workspaces and public spaces over the coming years.
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