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Arada London and Shaw Corporation secure £238 million from Maslow Capital for Devonshire Place, Old Kent Road, Southwark: 941 student beds and 200 affordable homes

Maslow Capital has provided a £238 million development finance facility to the joint venture of Arada London and Shaw Corporation for Devonshire Place, a scheme on the Old Kent Road in the London borough of Southwark. It covers 941 purpose-built student beds and 200 affordable homes, which Legal & General's affordable homes business has acquired. This is a financing milestone, not a sales launch: neither source mentions any homes for private sale.

Al Mithaq news desk · Published 20 October 2026 · Source: Addleshaw Goddard

New residential towers rising behind tower cranes at Elephant and Castle in Southwark, south London, June 2024; the picture shows the same borough, not the Devonshire Place site. Picture: Matt Brown via Wikimedia Commons, CC BY 2.0 (June 2024)

£238mdevelopment finance facility from Maslow Capital

941purpose-built student beds

200affordable homes, acquired by L&G's affordable homes business

The financing

In a news release dated 16 October 2026, the law firm Addleshaw Goddard said it had advised Arada London and Shaw Corporation, the joint venture partners on Devonshire Place in Southwark, on a £238 million development financing from Maslow Capital for 941 purpose-built student beds and 200 affordable homes. The firm said it has advised on the site for two years, since 2024, including the sale of the affordable housing element to Legal & General Affordable Homes. Bisnow's London Deal Sheet of 15 October 2026 reported the same £238 million facility from Maslow Capital to the joint venture.

The scheme

According to Bisnow, Devonshire Place is on the Old Kent Road in Southwark, and its student accommodation will be delivered across two blocks of 20 to 34 storeys. Arada London's in-house construction business will act as the main contractor, and completion is targeted ahead of the 2029/30 academic year. Neither source gives a sale price, a rent level or a construction start date, and we do not add any.

Who is involved

Arada London is the London arm of Arada, the UAE developer whose website lists the UK among its markets outside the UAE. Shaw Corporation is its joint venture partner on this site. Maslow Capital is the lender providing the facility. Legal & General Affordable Homes is the buyer of the 200 affordable homes. Addleshaw Goddard's team was led by partners Catherine Williams and Ian Kynoch.

Why it mattersOur view for a Kuwaiti buyer: a £238 million loan from a specialist lender is one sign that lenders are still funding large London schemes in 2026, and it tells you something about Arada, the UAE developer whose homes we offer in the UAE and in London, whose London arm will use its own in-house construction business as main contractor on this scheme. But read it for what it is. Devonshire Place is student housing and affordable homes, so there is nothing here for a private buyer to reserve, and a financing deal says nothing about prices or rents in Southwark. If you are looking at London, judge a scheme on its own price, completion date and the developer's record of finishing what it starts, and always ask who is funding the construction.

What Al Mithaq adds

We do not sell Devonshire Place. Our London guide explains who can buy, the six steps from reservation to keys, stamp duty with a worked example, and the 14 London Square and Arada developments we offer from £335,000. Tell our team in Kuwait your budget and whether you plan to live in the home or let it, and we will answer on the developments, prices and buying steps.