Global law firm Ashurst has advised Rothesay as lender on a £400m investment facility for Unite’s UK Student Accommodation Fund (USAF).
The multi-disciplinary Ashurst team was led by real estate finance partner Stuart Blacklock. He was supported by Partners Tim Gummer and Chris Benbow, Counsel David Razzell, and Associate Sam Almaz.
Specialist pensions insurer Rothesay – who secure the pensions of over one million people and has assets under management of over £70bn – has advanced the £400m eight-year investment facility secured on a high-quality portfolio of 23 purpose-built student accommodation (PBSA) assets located across 15 cities in the UK.
The secured assets are owned by USAF and operated and managed by the Unite Group – an owner, manager and developer of UK PBSA assets – with around 68,000 bedrooms across 153 properties. Established in 2006, USAF is the largest specialist student accommodation fund in the UK.
