21 Opal buildings sold by administrators

SOME 21 Opal student accommodation buildings, including sites in Leeds, Huddersfield and Bradford, have been sold to a consortium including Greystar Real Estate Partners and Goldman Sachs.

The disposal represents just under half of Opal’s nationwide student portfolio which fell into the hands of administrators when the Manchester-based group collapsed in March.

The business, which owed 14 lenders more than £880m, had been desperately trying to refinance for several months.

The transaction with investment bank Goldman Sachs and US-based student accommodation specialist Greystar is expected to complete in the coming weeks. The value of the deal was not disclosed.

The Opal portfolio was split between four different administrators, with EY handling the 21 properties known as the Athena Portfolio.

It includes sites in Manchester, Leeds, Wolverhampton, Huddersfield, Liverpool and Bradford.

Sam Woodward, joint administrator, said: “I am delighted to have concluded a sale of all of the properties within the Athena Portfolio. This transaction will ensure that ongoing operations are maintained at the sites, providing accommodation for current tenants, including students and universities.

“The international marketing campaign concluded by EY Real Estate Corporate Finance has achieved an excellent outcome for creditors and we are pleased to exchange contracts with the consortium. Greystar’s strong, existing reputation in managing student housing assets gives us confidence that the portfolio will transition smoothly to the new owners and give comfort to our tenants and University clients.”

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