A cross-practice team from Addleshaw Goddard has advised Uliving, one of the leading providers of student accommodation in the UK, on all aspects of its deal to deliver and operate 804 student residences on behalf of the University of Brighton.
The deal will see the new residences built at the University of Brighton's Moulescoomb campus alongside a new Student Union and gym in time for the 2021/2022 academic year.
Equity is provided by Uliving and its investment partner, John Laing. Aviva Investors' Lime Property Fund is providing long-term development finance under the auspices of an 'income strip'.
The 804-bedroom development – for which Uliving has a 50-year operating term – is to be built by Bouygues UK and is a cornerstone of the University's broader masterplan for Moulsecoomb. From a design perspective, the construction will be visually striking, featuring five towers atop a two-storey podium.
The cross-divisional Addleshaw Goddard team was led by Construction and Projects partner Andrew McVeigh who heads up the firm's sector focus on student housing and Real Estate partner Peter Hardy.
Andy McVeigh, Addleshaw Goddard partner, commented: “We are delighted to have helped Uliving achieve financial close on this transformational project which sits at the heart of the University's plans to re-shape its largest campus and demonstrates the continued appetite for investment in the student accommodation sector."
Addleshaw Goddard is a market-leading legal adviser in the student accommodation sector. The team covers the full spectrum of work in relation to PBSA including investment and investment structures, development, funding, operation and management.
This deal bolsters the team’s reputation, which was most recently recognised at the Property Week Student Accommodation Awards where Addleshaw took home the prestigious Student Accommodation Professional Team of the Year award.