Pinsent Masons advises senior and equity bridge lenders on Khalifa University Student Accommodation public-private partnership project
27 Aug 2024 | 09:22 am |
Multinational law firm Pinsent Masons has advised HSBC, Korea Development Bank, The Norinchukin Bank, Intesa Sanpaolo, and Abu Dhabi Commercial Bank on all aspects of the project financing of the Khalifa University Student Accommodation public-private partnership (PPP) project.
This development is the largest student accommodation PPP in the Gulf Cooperation Council (GCC) and includes a 23-year concession to design, build, finance, and maintain 3,260 student rooms and communal facilities across Khalifa University’s main campus and Sas Al Nakhl campus. Construction is scheduled for completion by winter 2026.
Catherine Workman, Head of Middle East region, said: “We’re delighted to have had another opportunity to work with this dynamic consortium, who have once again demonstrated their ability to deliver key social infrastructure through PPP.”
The project was awarded by the Abu Dhabi Investment Office (ADIO) in collaboration with Khalifa University of Science and Technology to the KUnnected Living consortium, comprising Plenary Group, BESIX, and Mazrui International, with construction undertaken by United Engineering Construction.
The Pinsent Masons team was led by Catherine Workman and Matthew Escritt and involved a multidisciplinary team including Martin Bishop, Chris Hall, Albert Kromm and Kenza Krim.
Matthew Escritt, Head of Finance & Projects (Middle East), added: “This is another significant achievement for Abu Dhabi, which is leading the way with PPP in the region.”
This project builds on the success of the Zayed City Schools PPP project, where three schools have recently become operational, on which Pinsent Masons also advised. This underscores Abu Dhabi's significant progress in bolstering its social infrastructure through PPPs.
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