International legal practice Osborne Clarke has advised Equitix and Bouygues, acting as the Uliving Consortium, on a £113M wrapped listed bond financing for the third phase of the University of Essex Student Accommodation Partnership. The bonds are listed on The International Stock Exchange and are wrapped by Assured Guaranty.
The bond will finance 1262 new rooms at the University's Colchester Campus as part of the third phase of development at the University. Bouygues UK will build the accommodation and Bouygues E&S will provide facility management services under a 50 year contract after construction.
Equitix is a global operator and investor in student accommodation and Bouygues designs and builds sustainable developments that enhance and transform communities for the better.
The Osborne Clarke team consisted of Partners Chris Wade, Nigel Drew and Andy Normington, Legal Director Chris Groves, Associate Director Amy Dimond, Senior Associates Bethan Moore, David Smith and Jasdeep Puri, Associate Griffin O'Rourke and Trainee Solicitors Joshua Harper and Andy Holt.
Operis acted as financial advisors.
Chris Wade said: "Congratulations to Equitix and Bouygues – we were thrilled to be able to advise on this financing. Despite the challenges posed to the sector by Covid, this is another successful deal for our student accommodation team and further demonstration of our market leading expertise."
The team has worked with Equitix for over six years and has previously advised on its joint venture accommodation development project with Durham University, its joint venture acquisition of ‘The Stellar Portfolio’ and on a £159M University of York loan to finance student accommodation.
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.