Prior to the end of 2005, Sanctuary Housing Association (“Sanctuary”) closed debt financing for its University of Lincoln and Queen Margaret University College student accommodation projects. Operis was appointed by Bank of Scotland to carry out model audit services for these projects.
Construction finance is provided by Sanctuary and refinanced by the mandated lead arranger as and when accommodation becomes operational, thus project terms were very competitive. The University of Lincoln currently benefits from over 1000 accommodation units built and managed by Sanctuary and the QMUC project involves rehousing some 800 students from antiquated sites at Corstorphine and Leith.
