Shoosmiths advises AIB on funding of student accommodation assets
January, 2024 - Milton Keynes, England
Shoosmiths has advised AIB Group (UK) plc on a significant funding for the acquisition of two purpose-built student accommodation (PBSA) schemes in Bristol and Glasgow.
The acquisition is set to add around 1000 more bed spaces in the two cities, both of which face an over-subscribed marketplace - providing much needed high quality student accommodation stock.
The Shoosmiths team advising AIB on the funding was led by banking and finance partner Anna Vangrove and real estate partner Daniel Halstead, supported by banking and finance principal associate Michael Kelly, senior associate Grainne Fairbrother and real estate legal director Gillian Ralph.
The teams worked alongside further colleagues across various divisions and offices, as well as co-counsel Mourant Ozannes in Guernsey. Shoosmiths specialist student accommodation team showcased their extensive experience covering traditional real estate and banking as well as looking at a differing structure using lawyers in three separate jurisdictions.
Kieran Redford, relationship director at AIB commented on Shoosmiths’ expertise: “It has been a pleasure working with the Shoosmiths team on this deal. Throughout the transaction they have shown great expertise in all legal matters and high ability to collaborate on a multi-jurisdictional basis to achieve the speed of turn around required for AIB.”
Anna Vangrove, banking and finance partner at Shoosmiths said: “We were pleased to have supported AIB on such significant lending project for them. Our expertise in this sector enabled us to assemble a multi-disciplinary and multi- jurisdictional team able to turn around this complex and significant transaction within a tight timescale.”
Daniel Halstead, real estate partner and head of student accommodation at Shoosmiths, added: “We have been working with AIB for a number of years and the size and complexity of their lending instructions continues to grow.
“There continues to be far greater demand than supply especially in certain UK cities, such as Bristol and Glasgow. These two properties, providing over 1,000 bed spaces, represent the quality of stock that is needed in these markets.”
