Operis is pleased to have advised Viridis Living, a consortium of Equitix and GRAHAM, on its landmark 50-year partnership with the University of Manchester to redevelop the University’s Fallowfield campus.
The £530 million development will transform the University’s student accommodation offering, providing over 3,300 high-quality student bedrooms, together with modern social, study and wellbeing facilities designed to enhance the student experience. The project is expected to become the world’s largest single-phase Passivhaus-certified purpose-built student accommodation scheme, with operational energy demand circa 50% lower than conventional new build student accommodation. The redevelopment will be delivered in phases, with the first 1,000 rooms expected to open in 2028 and the full campus transformation to be completed in 2030.
John Graham Construction Limited will be responsible for the design and construction of the project, with facilities management services supplied jointly by the University and Places for People.
UK pension specialist Rothesay is providing senior debt financing which will sit alongside equity investment from Equitix, GRAHAM and the University.
Operis acted as sole financial adviser to Viridis Living from the project’s competitive tender stage through to financial close, with our Tax & Accounting team also providing specialist accounting advice.
Operis Head of Advisory Chris Aldred commented: “Sincere congratulations to all parties on reaching financial close on this project, the largest social infrastructure PPP to hit this milestone in Europe this year. We look forward to seeing the continued success of the project as it moves into the delivery phase.”
