International legal practice Osborne Clarke has advised leading UK infrastructure manager and developer, Equitix, and global operator and investor in student accommodation, Campus Living Villages, on a joint venture accommodation development project with Durham University.
The scheme – the Mount Oswald project – forms part of the University’s strategy to deliver world-class research, education and wider student experience. It will see the construction of two new college facilities totalling nearly 1,000 additional rooms.
Over 700 of these will be en-suite bedrooms, arranged in a mix of cluster flats of between eight and 12 students. The remaining rooms will have shared bathroom facilities arranged in townhouses and studios.
Work will begin shortly and is expected to be completed in 2020. Equitix will oversee all aspects of the development in a management services capacity, monitoring the construction and operation of the new residences. Interserve Construction will undertake the construction services, with Campus Living Villages overseeing the day-to-day management of the facilities once delivered. Funding is being provided by way of an unlisted bond guaranteed by Assured Guaranty.
The team that advised on the project were led by Partners Chris Wade and Andy Normington, assisted by Amy Dimond, Michael O’Haire, Sarah Knight, Julianne Cirenza, Jasdeep Puri, Grace Hodgkinson, Oliver Gingell, Jonny Gait and Katie Bewlock. Construction advice was provided by Phil Davies (Partner) and Sarah McCool, with tax advice from Tracey Wright (Partner) and Elizabeth Shanahan.
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.