Global law firm Ashurst Perkins Coie has played a pivotal role in advising Rothesay as funders for a major purpose-built student accommodation (PBSA) project in collaboration with Equitix, GRAHAM, and the University of Manchester’s Fallowfield Campus. This ambitious scheme reached financial close on 28 July, marking a significant milestone in the UK PBSA market.
The Project Overview
The £530 million development, which is poised to deliver more than 3,300 new student beds, will also feature a new central hub designed to enhance the living experience for students. Early works have already commenced, with sections of the accommodation expected to be available for students by September 2028.
Key Contributors
John Graham Construction Limited has been appointed as the design and build contractor for this extensive project. Additionally, the facilities management services will be provided collaboratively by the University of Manchester and Places for People, ensuring a high standard of living for future residents.
Significance of the Development
We are very pleased to be supporting Rothesay on this project, the biggest student accommodation PPP to reach financial close in Europe this year,” remarked Samuel Outtridge, Partner at Ashurst Perkins Coie. “Reaching this milestone is a fantastic achievement for the project – well done to all involved.
The Ashurst Perkins Coie team, led by partners Samuel Outtridge and Patrick Boyle, includes partner Nicholas Hilder, counsel David Razzell, and senior associates Megan Caulfield and Karen Braakman. The firm’s corporate trust and agency team has also provided advice to the Security Agent, led by partner Ciaran Vinaccia and supported by associate Ahmed Duale.
This project exemplifies the growing demand for student accommodation in the UK, reflecting a robust investment trend in the PBSA sector. With the continued expansion of university enrolments, such developments are crucial to meet the needs of the student population.