Pioneering Student Accommodation
Project
April 2006
We advised Middlesex First (part
of the Servite Houses Group) on a £21 million outsourcing deal with Middlesex University
in respect of the University’s student residences. Under the deal, Servite Houses
purchased two of the University’s halls of residence and arranged a long lease on
a further two. In total, 1,916 student residences will come under the management
of Middlesex First. The deal also gives Middlesex First access to further development
opportunities to build more student housing on the North London campus. This is
the largest student housing arrangement the Servite Houses Group has completed so
far and Servite is now the second largest social landlord for student housing in
the UK.
Dr Terry Butland, Deputy
Vice-Chancellor of Middlesex University, who led the negotiations throughout, said:
‘This is a good day for the University, after long and complex negotiations. The
University very much looks forward to continuing its positive working relationship
with Servite. Together we will continue to offer Middlesex students high quality
accommodation near to our London campuses.’
Chris Baines, Head of Commercial
Services for Servite Houses said: ‘We are really pleased with the relationship that
has developed during the negotiations and believe that the partnership with the
University will go from strength to strength over the decades to come, directly
benefiting the students we are providing services to.’
Our team was led by Director
Graham Burns, assisted by solicitors Preety Singh, Matthew Wolton and Ann-Marie
Davies. Graham Burns said: ‘This was a particularly complex and challenging project.
The University has achieved the very difficult task of securing a significant capital
receipt and making long-term provision for the accommodation of its students in
an “off-balance sheet” mixed secured lending and project finance structure. This
is the sector’s first deal of its type, and will be a model for others to follow.
It underlines our commitment to and expertise in working with housing associations
on special projects work.”
In a further strengthening
of our capacity in this field, we have recently recruited solicitor Oliver Higgins
from City based Taylor Wilcocks to join our projects team. Oliver has particular
experience of housing projects and is well-known in the sector through his involvement
as a board member of The Metropolitan Housing Partnership, one of the largest housing
associations in the UK and as a part-time non-executive director of Clapham Park
Homes, a community-led housing association born out of the transfer of the Clapham
Park Estate from Lambeth Council.
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