The University of Exeter’s East Park student accommodation development project reached financial close on January 10, 2019.
University Partnerships Programme (UPP) will design, build, fund and operate 1,182 bedrooms on the Streatham campus at the University of Exeter. Construction of the East Park project is scheduled to commence in January 2019, with the rooms set to become operational over two phases in September 2020 and September 2021. This site will increase UPP’s portfolio to an impressive 35,000 beds across 15 leading UK universities.
The funding consists of £125 million of index-linked bond debt, provided by Pension Insurance Corporation (PIC) alongside £14.6 million of subordinated debt and equity provided by UPP and its shareholders.
Operis were pleased to perform a financial model audit on behalf of both UPP and PIC, which included a review of the model’s tax and accounting treatments.