University of Hull sells student accommodation in University QuarterPrint news article
A team of specialist lawyers from Walker Morris have advised the University of Hull on its recent sale of 87 student houses to student accommodation specialists, the Kexgill Group, for an undisclosed eight figure sum.
The properties form part of the newly created “University Quarter” which is located adjacent to the main university campus and complements Kexgill’s existing student accommodation in the city. The properties are subject to a four year hard nomination agreement.
The Kexgill Group are one of the largest still privately owned student accommodation specialists in the UK and under the terms of the deal have secured significant debt funding from specialist real estate funder ICG-Longbow for the acquisition and refurbishment programme, which will take place over a five-year period.
Nick Cannon in Real Estate and Karl Anders in Housing Management and Litigation provided legal support to the University of Hull.
Trudi Vout, director of Campus and Accommodation Services at the University of Hull, commented: “From a student perspective this is great news. Kexgill is investing a substantial amount of money in refurbishment which will only improve our student experience.
“What students expect in today’s Higher Education environment is changing rapidly and we see this as an opportunity to develop our accommodation offer to meet increasingly individualised requirements. The University is looking forward to further developing our relationship with Kexgill to deliver a really top quality living experience for our students.
“This arrangement will generate opportunities both to improve our accommodation stock and to improve the services and support we offer to our students through shared learning and collaboration.”
Nick Cannon, Partner added:
“We are delighted to have worked closely with the University of Hull, this recent sale is part of their on-going commitment to provide the best possible living experience for their students. Kexgill’s involvement provides a significant investment into the University of Hull’s student accommodation offering.”