On December 2, 2019, University Partnerships Programme’s (UPP) acquisition of a 411-bed asset at Swansea University from property developer St Modwen Properties reached financial close.
This is not UPP’s first partnership with Swansea University, as in February 2018 they acquired a 2,021-bed asset for £98m, also from St Modwen.
The funding consists of £38.7 million of index-linked bond debt, provided by Aberdeen Standard Investments alongside £4.7 million of subordinated debt and equity provided by UPP and its shareholders.
Operis were pleased to perform a financial model audit on behalf of both UPP and Aberdeen Standard, which included a review of the model’s tax and accounting treatments.
This continues Operis’s recent work with UPP following the financial close of the Exeter East Park campus in January 2019.
