Equitix and Campus Living Villages (CLV), together with Durham University, successfully reached financial close on the Mount Oswald College student accommodation project. The project involves the design, construction and operation of two new college facilities at the University’s Mount Oswald site, with 992 new rooms to be delivered in total. One of these facilities will serve as the new home for the existing John Snow College, with the other providing space for a brand new college. Interserve will undertake the construction on the project, with CLV providing facilities management services over the project term.
The project will be financed with the proceeds of £90 million of senior index-linked bonds issued by Mount Oswald Colleges LLP. The bonds benefit from a guarantee of scheduled interest and principal payments from Assured Guaranty. The shareholders in the partnership, Mount Oswald Colleges LLP, are Equitix, CLV and Durham University.
Operis was pleased to have successfully acted as both financial advisor and accounting advisor to the issuer.