Lucy Cavendish College has secured a £47.3 million loan from Just Group to finance its student housing expansion, including the development of its recently acquired Castle Street site.

The 45-year inflation-linked loan will be used to fund a long-leasehold interest in the Castle Street property, undertake refurbishment works, and refinance existing debt.

In February, the College acquired the 355-bedroom property as part of its broader effort to grow its accommodation provision.

In a statement to Property Week, the College said the funding would support its mission to widen participation by enabling it to host more students from “disadvantaged and underrepresented backgrounds”.

Lucy Cavendish admitted the highest proportion of state school students across the University in 2025, with 94.3% of its intake from non-selective schools.

David Ramroop, Chief Investment Officer at Just Group, said: “Just is proud to be financing Lucy Cavendish College as it advances its vital mission in education.

“In line with our long-term investment strategy and responsible investment framework, we are committed to supporting similar projects that drive social impact and achieve long-term value for our policyholders and other stakeholders.”

The College has faced accommodation challenges in recent years. In December, it announced construction delays at Hinsley Lane, a joint development with St John’s College.

Much of Lucy’s student housing is located on land owned by St John’s, which has at times caused confusion over responsibilities.

In November 2023, a Lucy student alleged that maintenance issues, including cracked walls and faulty plumbing, were left unaddressed due to uncertainty over ownership.