We have acted for Aviva Commercial Finance Limited in the largest ever single private sector residential investment in a UK university.
The £184 million Universities Partnership Programme (UPP) loan will finance a student accommodation project at the University of Reading. This will involve the operation and management of the university’s 4,321 student bedrooms and accommodation office by UPP, the UK’s leading provider of campus infrastructure and residential management services.
Raith Pickup, projects partner at Mills & Reeve who led on the deal, said: “We have been delighted to assist Aviva on this groundbreaking project.”
Kevin Sale, commercial finance director at Aviva, said: “The Mills & Reeve team provided vital support in helping us complete this deal. As market leaders in student accommodation projects and higher education, their experience and expertise was invaluable.”
Clarkslegal acted for the University of Reading and Addleshaw Goddard LLP acted for UPP.