Balfour Beatty have reached financial close for the Holyrood Student Accommodation project in Scotland.
The £110 million project involves the construction of new student accommodation, comprising 1,160 accommodation units and an Outreach Centre providing space for student social activities. The 50-year project concession also includes the management, maintenance and operation of the student accommodation for the University of Edinburgh. Financed by £62 million of bond financing, the 35-year bonds consist of a £31m index-linked tranche and a £31m fixed-rate tranche and include a monoline wrap provided by Assured Guaranty.
Operis completed an audit of the financial model prior to financial close, which included a review of the model’s tax and accounting treatments.