International legal practice Osborne Clarke has advised Equitix, the investor, developer and long-term fund manager, on a £159M loan to finance the development of high-specification student living and communal space at the University of York's Heslington East Campus.
The loan will finance the development of two new colleges creating 1,480 new bedspaces for students. The halls will house undergraduate and postgraduate students in en-suite rooms.
The new accommodation will be built by Graham Construction who will deliver the bedspaces across two phases starting in September 2021 and then in September 2022. Derwent Facilities Management will maintain the halls during the project term. Equitix will also provide management services and oversee the new residences once operational.
Equitix is making the investment out of its recently closed Equitix Fund V. Assured Guaranty has guaranteed the principal and interest payments on the loan which was provided by the Pension Insurance Corporation.
The Osborne Clarke team was led by Partner Chris Wade, supported by David Smith, Amy Dimond, Leanne Hooper, Grace Hodgkinson, Jasdeep Puri, Andy Normington, Jonathan Culley, Sarah Knight, Jonny Gait and Kristen Harris.
The team has worked with Equitix for over six years and has previously advised on its joint venture accommodation development project with Durham University and its joint venture acquisition of ‘The Stellar Portfolio’.
With over 250 years of property expertise, Osborne Clarke’s Real Estate and Infrastructure sector team is a recognised industry leader in student accommodation. The team works with pan-European clients and currently acts for five of the top student accommodation providers in the UK.