PwC kick starts Opal sell-off

EIGHT student blocks worth around £300m have been put on the market by administrators handling the collapsed Opal Property Group.

Manchester-based Opal went into administration in March owing a group of 14 lenders more than £880m.

Around 50 Opal companies, most of the special purpose vehicles for individuals buildings, are in the hands of administrators from the accountancy firms Grant Thornton, KPMG, Ernst & Young and PwC.

PwC said today that it had appointed the property agent DTZ to handle the formal marketing of accommodation blocks in Liverpool, Manchester, Leeds, Birmingham, Nottingham, Newport and Greenwich. The building in Manchester is Wilmslow Park in Rusholme, pictured.

Toby Underwood, joint administrator and partner at PwC, said: “Having stabilised the operating platform and occupancy of the properties, the administrators will, together with DTZ, undertake a timely but measured disposal of the properties, which will negate any perception that these assets are distressed and realise optimal value following the implementation of any appropriate asset management opportunities.”

Andrew Smith, lead director at DTZ, said: “This appointment recognises DTZ’s strength in this area and the fact that we can bring additional insight and market awareness to the role of adviser.”

DTZ, which says there is already “keen interest”, plans to start the marketing process next month.