Shoosmiths advises AIB Group funding of 999-bed student accommodation asset acquisition
October, 2022 - Milton Keynes, England
Law firm Shoosmiths has advised AIB Group (UK) plc on its funding of the acquisition of a purpose built student accommodation (PBSA) 999-bedroom Aura development in Liverpool.
AIB’s funding enabled a joint venture between Tristan Capital Partners’ CCP 5 Fund and Bricks Group, buying the scheme for £110m from a group of the project’s original investors – who had originally rescued the scheme from administration in October 2020.
The Shoosmiths team acting on the financing was led by real estate partner and PBSA specialist Daniel Halstead, working alongside the firm’s banking and finance team including partner Anna Vangrove and associate Michael Kelly. Shoosmiths has significant experience in supporting the growth of PBSA schemes, from site acquisitions to negotiating forward funding.
Daniel Halstead, real estate partner at Shoosmiths, commented: “We were delighted to support AIB Group in the funding of this significant asset. Volumes of investment remain healthy across the student accommodation sector. The acquisition underlines Shoosmiths’ reputation as experts in the purpose built student accommodation market and demonstrates the seamless service we offer across both real estate and corporate practices.”
Kieran Redford, lending manager at AIB Group, said: “We are immensely grateful for the support of Shoosmiths. The 999-bedroom scheme will provide a quality asset for Liverpool’s thriving education sector for years to come, supporting Tristan Capital Partners and Bricks Group as they continue to scale their leading student brand at pace.”
