30 Jul 2020 | 03:41 pm | 1 min. read
Pinsent Masons has advised Kingston Student Living LLP (an Equitix/Engie consortium) on the Kingston University Residences DBFO project, which has reached Financial Close.
The University and Kingston Student Living, raised £90m of finance through a bond issue, wrapped by Assured Guaranty.
The project will see the redesign and refurbishment, finance and operation of 1,332 student bedrooms, with the refurbishment works expected to be completed for the start of the 2022/23 academic year. Engie Services will then provide soft and hard FM for the 50 year operational period.
Legal Director Chris Owens led the Pinsent Masons team that worked on the project across 5 offices and which included Head of the firm's Universities practice Victoria Goddard, Infrastructure Finance Partner Gillian Frew, Legal Director Catherine Hemsworth, Senior Associates Russell Teale, Jo Falencka and Graham Young and Associate James McDonald.
Chris Owens commented: "We are delighted to have advised KSL on this important project, which caps off a busy 12 month period in which we have closed 3 major DBFO projects in the sector and demonstrates the unique rounded nature of our offering. To get a deal of this size done in the current climate is a testament to the commitment of Equitix/Engie, the University and Assured Guaranty to work collaboratively to reach a common goal and a great vote of confidence in the student accommodation sector."
Pinsent Masons has advised number of universities and private sector partners on student accommodation projects including most recently the University of York in relation to the Campus East Residences DBFO project and the University of Leicester on the Freemens Common Residences DBFO scheme.
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