Student accommodation expansion enabled with £25m refinance
Hull-headquartered Kexgill Group, one of the largest privately owned providers of student accommodation in the UK, has secured a £25m refinance facility provided by InterBay Bank.
The transaction, which is a 10-year, interest only commercial investment refinance loan, involved the refinancing of 55 residential units in Bradford, Hull, Liverpool, Middlesbrough, Nottingham, and Preston.
Kexgill’s legal advice was provided by a multi-disciplinary legal team at Andrew Jackson Solicitors, led by property partner Helen Mellors, who was supported by Claire Ramsden, Robert Hill, Adrian West, and Ailish Ward in the real estate and property team, as well as Philip Ashworth, Nick Scott, Martin Frost and Benn Shilleto in the corporate team.
Richard Stott, managing director of the Kexgill Group, said: “Securing medium term fixed rate debt in a variable market is important for our group particularly where we are creating scale in locations outside our Hull base.
“We are pleased this latest transaction has been stress-free in a market which has seen considerable flux in recent months.
“We are grateful for the help and advice of those involved in this deal, including Andrew Jackson Solicitors, who remain our trusted legal partner and whose expertise in complex matters is essential to help us realise our commercial objectives.”
Helen Mellors, property partner at Andrew Jackson Solicitors, added: “Our client relationship with Kexgill spans several years and it is particularly rewarding to have assisted Richard and his team on the group’s latest significant transaction, and to support their growth in the affordable student accommodation sector.”