More Opal assets sold to a US investor
ANOTHER US investor has picked up assets of the Manchester-based student accommodation group Opal for an undisclosed sum.
New York-based investment house Avenue Capital Group has bought five Opal companies which own a total of 1,800 student rooms across three blocks with half in Sheffield.
The assets include 992 bed spaces in Sheffield and 648 in Nottingham, a private rental building and a development plot.
The business, which owed 14 lenders more than £880m, had been desperately trying to refinance for several months when administrators were appointed in March. The Opal portfolio was split between four different administrators with KPMG handling the part picked up by Avenue Capital.
Rob Croxen, joint administrator and partner at KPMG, said: “Following a period of stabilised trading, we are delighted to announce the sale to Avenue Capital. The sale ensures the continuity of the high levels of service provided to students.”
Derwent Students will continue to manage the student accommodation properties in order to ensure maximum continuity for students, staff and the universities. The sale process was undertaken by Savills.