28 Aug 2019 | 08:35 am |
International law firm Pinsent Masons has advised the University of Leicester on its Freemens Common Residences DBFO project, which has reached Financial Close.
The University and preferred bidder for the project, Freemens Common Village LLP, raised £124m of finance through a inflation linked bond, wrapped by Assured Guaranty (Europe) plc.
The project will see the design, build, finance and operation of 1,164 new bedrooms as well as the design and build of a new multi-storey car park, cafe, reception space and a new teaching and learning centre, with the first phase of additional accommodation expected to be completed for the start of the 2021/22 academic year.
Equity in Freemens Common Village LLP was provided by Equitix (80%), Engie (10%) and the University of Leicester (10%).
Partner Victoria Goddard and Legal Director Chris Owens led the Pinsent Masons team that worked on the project. The team advised the University of Leicester on all aspects of the project from the procurement of the preferred bidder through to financial close.
Goddard commented: "This project is of huge strategic importance to the University of Leicester and its future plans and we're delighted to see this transformational deal reach Financial Close."
Martyn Riddleston, Chief Financial Officer of the University of Leicester, commented: "Pinsent Masons have provided exceptional support to the University for this important transaction. Our core team from Pinsent Masons worked with us to understand and manage a number of complex and challenging legal issues and to enable us to reach a satisfactory conclusion".
Pinsent Masons has advised number of universities and private sector partners on student accommodation projects including most recently the University of Brighton on the Moulsecoomb residences project worth circa £100 million and is currently advising the University of York in relation to the Campus East Residences DBFO project.
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