Operis was pleased to provide a formal model audit, including a tax and accounting review, for the financing of the refurbishment and redevelopment of existing student accommodation at Kingston University. This redevelopment of two existing university sites at Kingston Hill and Seething Wells will provide 1,333 bedspaces for students, as well as refurbished kitchens and social and study areas.
Kingston Student Living LLP, co-owned by Equity, ENGIE and the University, achieved financial close on 29 July 2020, issuing £90m of 35-year bonds which will benefit from a guarantee from Assured Guaranty. The bonds were issued in two tranches: one index-linked and one fixed rate.
Darryl Ooi, Associate Director at Operis, says, “We are pleased to have been able to support Equitix and ENGIE in this transaction during the unique circumstances of 2020, and wish them the very best with the project. We look forward to continuing and building on our good relationship with them in the UK student accommodation sector.”
Operis is the leading financial advisor in the UK student accommodation sector, having advised or provided modelling and model audit services on the majority of the university partnership accommodation schemes to have reached financial close in recent years.