University of Essex – Phase 3
QMPF has advised University of Essex on its procurement of a further 1,262 bedroom development in partnership with ULiving@Essex3 LLP. The transaction, which reached Financial Close in August 2021, raised £113m of finance through bonds, wrapped by Assured Guaranty. The completion of the transaction marks the third phase of development with ULiving at the Colchester campus, with QMPF having advised on the commercial and financial considerations for the University throughout. The design, build, finance and operate project will see new rooms available for the start of the 2023/24 academic year.
The transaction is the second major DBFO project QMPF has advised on since the outbreak of COVID-19, with the firm remaining active on a number of further transactions in the sector. The project further demonstrates the resilience of the student accommodation market as well as the ability of Universities to successfully navigate the additional challenges arising from the pandemic and to continue to deliver investment in their campuses to further enhance their student offering.
Christopher Oldham, Director of Estates and Campus Services said “We were delighted to be working with QMPF on the third phase of our student residential scheme with Uliving. QMPF guided us through highly complex financial considerations in delivering best value for the University. They brought an incredible level of skill and expertise to the project and their advice was always user friendly. The team from QMPF were highly professional and a pleasure to work with.”
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