University of London
Student Accommodation Project
QMPF acted as financial advisor to the University of London on its £104.7m student accommodation project in Stratford, which reached financial close in December. The investment will include £86.8 million of bond funding from Pension Insurance Corporation and £17.9 million of sub-debt and equity provided by UPP and the University. The senior debt is wrapped by Assured Guaranty. The 33 storey development will deliver 511 beds and be built by Watkin Jones plc, with UPP operating over a 50 year concession.
QMPF advised the University on the project since its inception through its subsequent procurement and the process to financial close, working alongside property and legal advisors. Our role included bid evaluation, financial modelling and advice on the associated commercial and financial considerations for the University. We previously advised the University on its c. £141m student accommodation partnership with UPP at Cartwright Gardens, Bloomsbury which opened in September 2016.
Andrew Murphy, Chief Financial Officer of the University of London, said "The new development is an exciting and significant opportunity for the University of London. This continues our commitment to modernise and expand our property portfolio to meet the needs of future generations of students. QMPF played a significant role in helping the University bring this project to fruition".
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