22 Dec 2021 | 03:00 pm | 1 min. read
Multinational law firm Pinsent Masons has advised the University of Birmingham on a 1,200-bed student accommodation project which will provide nearly 500 new student bedrooms and upgrade over 700 existing student bedrooms at Pritchatts Park Student Village.
The development, which gives students easy access to the heart of the campus, incorporates low-carbon technologies such as the extensive use of air sourcing heat pumps, and will see both the redevelopment of existing accommodation as well as the creation of 496 new student bedrooms and provision of a new multi-storey car park.
Chris Owens, legal director and lead for Pinsent Masons commented:
"We are delighted to have supported the University on such an important project, which will provide much needed high quality bed spaces and play a key role in the modernisation of its accommodation offering. “Despite the tough economic backdrop, it’s been great to see the resilience of the student accommodation market and the faith that investors have in the long-term outlook for the sector and in top institutions such as the University of Birmingham."
Equity was provided by Equitix (70%), Equans (20%) and the University (10%) with Senior Debt provided by Pension Insurance Corporation plc.
Simon Bray, Director of Campus Services of the University of Birmingham, commented:
"It’s been a pleasure working with Chris and the team from Pinsent Masons on this deal. Throughout the process they have shown great tenacity, expertise in all legal matters and high ability to collaborate with all of the team to achieve a successful outcome for the University. We’d like to thank Chris and the team for all their hard work and efforts and look forward to working with them again in the future."
The team at Pinsent Masons included head of the firm's universities practice Victoria Goddard, tax partner Christine Yuill, legal directors Graham Young and Catherine Hemsworth, senior associate Louise Blair, associates James McDonald, Pavitar Bhullar and Emma-Louise Beadie and solicitors David Jeffries, Louie Gough and Emilia Turnock.
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