QMPF is pleased to have supported the University of Manchester as financial adviser on the major regeneration of its Fallowfield student accommodation campus. The project has reached financial close and will deliver a £530 million investment in high-quality, sustainable student living through a long-term partnership between the University, Equitix, GRAHAM and Rothesay.

The redevelopment will provide 3,300 modern student rooms alongside shared amenities designed to enhance the student experience, including social and study spaces, music practice rooms and wellbeing facilities. The scheme is expected to become the world’s largest single-phase Passivhaus-certified purpose-built student accommodation development, with operational energy usage approximately 50% lower than conventional new-build student accommodation.

QMPF supported the University from initial project appraisal through selection of the preferred partner and to financial close, helping to deliver this landmark project. Our role drew on our experience in higher education, infrastructure, accommodation and long-term partnership structures, helping the University assess and deliver a solution aligned with its strategic objectives, student experience priorities and sustainability ambitions. The project maintains QMPF’s track record of supporting universities to deliver large scale capital projects that enhance their contribution not only to students but also the wider economy.

Carol Prokopyszyn, Chief Financial Officer at the University of Manchester said, “The Fallowfield student accommodation campus represents a significant investment in our campus and in our student experience. QMPF has played a key role in providing support and advice to us, from initial appraisal through to Financial Close. The input from QMPF during those various stages was always measured and appropriate demonstrating their wealth of experience and knowledge gained from years of working on large scale student accommodation projects. The team was able to quickly understand the Project and the University’s requirements and priorities which delivered focused and meaningful advice throughout the process.”

QMPF is delighted to have supported Lancaster University on its recent fundraising for a £60m Revolving Credit Facility. The facility replaces the University’s existing facility and extends its relationship with Lloyds Banking Group, who are the sole lenders of the facility. The facility will be used by the University for general liquidity management.

QMPF’s advice included managing the funding competition, evaluating and optimising funding offers and structures, supporting governance approvals and steering the transaction to completion.

Sarah Randall-Paley, Chief Financial Officer, Lancaster University said:

“Huge thanks to Peter Lyons and Jessica Holden from the QMPF team who provided a smooth, professional process in a highly competitive situation leading to a great outcome for the University.  I appreciated their clear advice, prompt attention and a ‘no fuss’ approach to assisting us expertly through the process.  Highly recommended!”

Burton Agnes Renewables Limited was a joint venture set up between the Dewhirst farming group and the Burton Agnes Estate to build and operate a 40 GWh gas-to-grid anaerobic digestion (“AD”) plant located on the Burton Agnes estate near Driffield. The plant is fed on rotational energy crops (such as maize and rye) with much of the energy crops grown on the Dewhirst and Burton Agnes arable farms, although there is also a proportion grown on neighbouring farmers’ land.  The previous shareholders will have a continuing role as the plant’s landlord, feedstock provider and digestate offtaker.

Future Biogas is one of the largest anaerobic digestion plant developers and biogas producers in the UK. It now owns majority stakes in ten AD plants and operates an additional AD plant. Future Biogas has operated Burton Agnes Renewables since 2021.

QMPF’s role included providing commercial and strategic advice on the sale to the shareholders.

Andrew Dougans, Partner at QMPF said “We are delighted to have advised on the successful sale of Burton Agnes Renewables AD plant. We are pleased to have supported the shareholders with commercial and strategic advice throughout the process and to see them continue their long-term involvement with the project as landlord, feedstock provider and digestate offtaker.”

Simon Cunliffe-Lister, Burton Agnes Renewables Ltd, said “We are pleased to have worked with QMPF to successfully complete the sale of the Burton Agnes Renewables AD plant. QMPF’s advice throughout proved invaluable and ongoing management of the transaction led to an efficient and well-run process.”

QMPF is pleased to announce that it has advised Orkney Islands Council on securing a loan from The National Wealth Fund (NWF) for its 28.8MW wind farm at Quanterness. The project – in development since 2019 – was unanimously backed by elected members in February this year and will see six 149.1m turbines built at the site in St. Ola, situated between Kirkwall and Finstown.

The loan of up to £62.1m covers the cost of the project build, contingency and interest. The loan, provided through NWF’s Local Authority Lending and Advisory Team, provides low-cost, long-term financing for the community wind farm meaning no further draw from the Council’s Strategic Reserve Fund is required to deliver the project. The Council also has an option to return funds spent to date back to the Strategic Reserve Fund through the loan.

Quanterness wind farm benefits from a CfD, awarded in AR4 and it is estimated that it could generate an annual income of more than £3m (in today’s money) for the Council, providing a new revenue stream to protect and develop public services.

The wind farm will also support the delivery of the Scottish and Southern Electricity Networks (SSEN) interconnector cable which will be used to transport the electricity to the Scottish mainland.

QMPF’s role included financial modelling of the wind farm and analysis of various performance and cost scenarios to support the Council’s Final Investment Decision in February. Concomitantly, QMPF supported the Council in its engagement with the National Wealth Fund to secure its loan for Quanterness.

Chris Purnell, Strategic Projects Director – Enterprise and Economic Growth, Orkney Islands Council said:

“We wish to express our sincere appreciation to QMPF for its outstanding professional support and strategic guidance throughout the Final Investment Decision process and in securing the facility agreement. These achievements represent critical milestones in the progression of the Quanterness wind farm project, and QMPF expertise has been instrumental in delivering these outcomes.”

Andrew Dougans, Partner, QMPF said:

“We’re proud to have supported Orkney Islands Council in securing this landmark £62 million loan from the National Wealth Fund. This funding will help unlock long-term value for the community and accelerate the delivery of clean energy infrastructure. QMPF is delighted to have played a role in enabling this transformative project.”

QMPF is delighted to have supported University of Exeter in reaching Financial Close for the development of its West Park Student Residences development which will be delivered for the University by UPP.

QMPF has supported the University from project inception, through procurement, and navigating challenging financing and planning landscapes to deliver this significant project for the University. Delivered under a design, build finance and maintain partnership, the project will be financed using an indexed lease (commonly referred to as an income strip) and is the fourth such development on which QMPF has advised the University, through an advisory relationship that spans over 15 years.

On completion, the project will deliver over 1,800 bedrooms, with rooms being completed for both 2027/28 and 2028/29 academic years. The new accommodation has been designed to be Passivhaus certified with hot water produced by heat pumps and the new development being completely gas-free, reflecting the University’s focus on sustainability and its wider net zero strategy.

QMPF LLP is delighted to announce that it has advised Invesis on the successful financial close of the Higher Education PPP Programme Bundle Two in Ireland – a twenty five year PPP with the Department of Further and Higher Education, Research, Innovation and Science.

The project, the second phase of the Higher Education PPP Programme, consists of the design, build, finance, maintenance and operation of five major facilities at three leading technological universities across Ireland. Construction work on the €380m project is now underway with the facilities scheduled for completion across 2027 and 2028. Financing is provided by the Allied Irish Banks, p.l.c, The Governor and Company of Bank of Ireland, the European Investment Bank and Rabobank Wholesale Clients Netherlands.

QMPF provided financial advice to Invesis throughout the procurement process including financial model development, engagement with funders and the National Development Finance Agency,  which was responsible for the procurement of this PPP project on behalf of the Department of Further and Higher Education,  Research, Innovation and Science.

Gareth Thomson, Senior Project Finance Manager at Invesis said: 

“QMPF played a pivotal role in the successful delivery of this project. Their expert advice and financial modelling were instrumental in helping us deliver a successful financial close and secure a tailored financial solution. Their perseverance and commitment over the multiple years it took to bring this project to life were truly commendable. They remained a trusted and responsive partner throughout, and we’re grateful for their support. We look forward to working with them again in the future.” 

QMPF is delighted to have supported Aston University on its recent fundraising. Restructuring its existing borrowing and extending its relationship with HSBC through provision of a new revolving credit facility. The University has been able to further secure its liquidity position and set the University up for the further delivery of its Strategy 2030, continuing its growth and evolution.

The transaction builds on QMPF’s ongoing relationship with the University as its retained treasury adviser and we were delighted to support the University through the funding process. QMPF’s advice included determining the funding requirement, managing the funding competition, evaluating and optimising funding offers and structures, supporting governance approvals and steering the transaction to completion. We look forward to continuing to support the University in delivering its objectives.

Craig Jones, Executive Director of Finance, Aston University said:

“On behalf of Aston University, I want to extend my sincere thanks to the QMPF team for your expertise and guidance through Aston University’s financing project. This project underpins continued progress to our 2030 Strategy, and particularly securing robust liquidity. We value your partnership approach and professionalism through this project and look forward to continuing to work with QMPF” 

QMPF was re-engaged by Kingston Upon Hull City Council to provide financial modelling support for the Hull City Centre district heat network and to prepare the financial section of the final business case (“FBC”). The FBC and financial model were developed to assist the Council obtain final approvals and funding arrangements alongside its £14m grant from the Green Heat Network Fund.

The scheme is designed to offtake heat from air source heat pumps, with the remainder being satisfied using gas back-up boilers. Consideration was also given to the ability for the project to receive bulk heat supply from a local energy from waste facility. The project will provide heat to multiple offtaker groups including existing Council buildings and new developments, private residential buildings, Hull College and other public sector buildings.

QMPF worked with the appointed technical and commercial advisors, Arup and Peak Earth, to lead on the delivery of a detailed base case financial model which considered the corporate structure, financing, working capital and tax for the project company. We conducted extensive sensitivity analysis to establish the robustness of the scheme to factors such as funding arrangements, fluctuations in energy import prices, energy demand, changes to costs (capex and opex) and macroeconomic variables. Detailed financial analysis was performed to allow the Council to assess alternative funding arrangements including loan funding from PWLB or National Wealth Fund.  QMPF used the outputs from the analysis to develop the finance case which formed part of the Council’s Full Business Case and supported its associated approval process for the project.

Graeme Smith – Business Partner, Corporate Finance, Kingston upon Hull City Council said:

“We were very impressed with the speed of advice QMPF provided, and their ability to deal with financial, commercial and technical queries is excellent. The financial model and finance case were developed in a clear and robust manner, whilst meeting tight deadlines set.

Their work has been invaluable to us taking forward to achieve Council approval for the project, whilst providing additional support on potential funding options.

The speed of advice, and the ability to deal with queries in a very timely manner is excellent, & the firm provide super value for money!”

QMPF acted as financial advisor to Manchester Metropolitan University as it entered into a joint venture framework agreement with Unite Students for the redevelopment of its Cambridge Halls site.

The JV will be a long-term strategic partnership between the parties, with Unite acting as developer, asset manager and operator to the JV. The Cambridge Halls redevelopment is expected to provide 2,300 new beds, replacing the current 770 beds constructed in the 1990s that no longer meet the needs of students. Total development costs are estimated in the region of £390m.

Manchester Metropolitan University will own a 30% stake in the JV, reflecting the contribution of the Cambridge Halls site to the JV. Unite’s equity commitment is estimated to be around £125m for a 70% stake, with the remaining development costs expected to be funded by debt secured against the JV. QMPF supported the University with the review of the financial and commercial terms of the offer, alongside options analysis and transaction advice which was underpinned by financial modelling.

The planning application for the development is expected to be submitted later this year, which would support formation of the JV around the end of 2025.

Andrew Hewett, Chief Financial Officer, Manchester Metropolitan University said

“This project represents a significant investment in our campus and in our student experience. QMPF has played a key role in providing support and advice to us, from initial discussions through to the completion of the joint venture framework agreement”.

Unite Students press release: www.unitegroup.com/articles/new-university-partnership-with-manchester-metropolitan-university-to-develop-2300-beds

QMPF acted as financial advisor to Staffordshire University for its student accommodation partnership with Staffordshire Campus Living. The project reached financial close in July 2024 and will deliver an innovative, low-carbon student village with approximately 1,000 beds and a student hub facility at the University’s main campus in Stoke.

Securing an off-balance sheet solution for the University, Staffordshire Campus Living is a consortium formed by Hochtief PPP Solutions and Plenary Group and is responsible for the Design, Build, Finance and Operation (“DBFO”) of the student village. The University will benefit from a minority equity stake in the project company, with senior debt funding provided by Aviva Investors through a long-term income strip arrangement. The project is targeting completion in advance of the 2026/27 academic year.

The transformational project is located at the University’s Leek Road campus and will feature cutting-edge and sustainable architecture near the University’s nature reserve and River Trent. The student village will provide 700 new student rooms, built in cluster blocks and town houses, alongside the refurbishment of 297 rooms at the University’s existing Clarice Cliff Court residences. Enhancing the student experience further, there will be a student hub facility, offering social spaces, study areas and a roof-top terrace with an outdoor seating area.

The development will target EPC ‘A’ ratings and includes roof-mounted photovoltaic panels, to generate on-site solar electricity, and air-source heat pumps. Willmott Dixon will act as contractor within the consortium and Pinnacle Facilities Management will support the operation of the new accommodation alongside the University.

Our involvement with the University dates back to the inception of the project in 2020. We provided initial financial modelling and advice on the options for delivering student residences through DBFO partnerships with private sector developers. Our financial and commercial advice continued through a soft market testing stage into the full procurement of Staffordshire Campus Living as partner and transaction support to reach Financial Close. The University was also advised by Womble Bond Dickinson on legals and Student First Group on procurement, operations and property matters.

Sally McGill, Chief Financial Officer and Executive Lead for Sustainability at Staffordshire University, commented on the significance of the project: She said: “This project represents a major milestone for Staffordshire University, significantly enhancing our student experience while prioritising sustainability. The innovative, low-carbon student village will provide modern, comfortable, and eco-friendly living spaces for our students, aligning with our commitment to environmental responsibility. We are grateful for QMPF’s expertise and guidance throughout this process.”