Uliving today reached financial close on the Meadows Phase 2A project, known as the Copse, at the University of Essex.  The project involves the design, construction and operation of 643 student bedrooms on the University’s Colchester campus.  Construction will be undertaken by Bouygues UK and once complete the facility will be operated by Derwent Living.

The project will be financed by the proceeds of £61 million of senior, index-linked bonds issued by Uliving@Essex2 Issuerco PLC.  The bonds benefit from a guarantee of scheduled interest and principal payments from Assured Guaranty and were purchased by Pension Insurance Corporation.

The shareholders in the project company, Uliving@Essex2 Limited, are Equitix, Bouygues and Derwent.

Operis was pleased to have successfully acted as financial advisor to the shareholders, project company and bond issuer.

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