Leading Advisors in Project Finance

  • Operis advises Equitix and Engie on University of Leicester partnership

    6 August 2019

    Operis has acted as financial advisor to Equitix and Engie on the development of student accommodation and a broader regeneration scheme for the University of Leicester. The project reached financial close on 2 August 2019.

    Engie will act as building contractor to construct 1,164 new student rooms across 7 blocks on a site adjacent to the University’s main campus. The project will also deliver a new 9,000m2 teaching and learning centre, a 500-space multi-storey car park and the refurbishment of the Grade II-listed Freemen’s Cottages, which will be used as office and study space.

    Engie will also provide hard facilities management services to the student accommodation once complete under a 50-year contract.

    The project is financed with £124 million of 45-year senior, index-linked bonds issued by the project special purpose vehicle, Freemens Common Village LLP. The bonds benefit from a guarantee of scheduled principal and interest payments provided by Assured Guaranty.

    Equity is being provided by Equitix as the main investor with Engie as co-sponsor.

    The University has also taken a 10% stake in the project vehicle.

    Operis offers tailored and flexible financial advisory solutions relevant to our clients’ needs. Get in touch with a member of the advisory team to discuss your requirements.

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