Mills & Reeve supported the University on the deal which has been in the making for the past three years. Our multi-disciplinary team helped procure the preferred partner (Equitix and Engie in consortium with Kingston University) and negotiated the contract documentation for the design, refurbish and operation of the University’s Seething Wells and Kingston Hill halls of residence for a minimum of 40 years. This is a key part in the University’s desire to modernise and improve its accommodation offering.
The senior financing is in the form of privately placed bonds wrapped by Assured Guaranty.
As part of the project, over 1,200 existing rooms will be redeveloped, with a further 117 new rooms added. Five listed buildings at Seething Wells will also be renovated, providing a café and dedicated events space. The Kingston Hill site will benefit from new and larger communal kitchens and upgraded shared social spaces for students.
Kingston University Vice-Chancellor Professor Steven Spier said “The environment and spaces in which students live, study and socialise have a real impact on their time at university. This long-term partnership with Engie and Equitix will allow us to improve on and upgrade our halls of residence at Seething Wells and Kingston Hill for the benefit of our students, ensuring they have access to high quality, modern accommodation while they complete their degrees.”
Projects partner Jens Henniker Heaton, who led the project for Mills & Reeve, said “We are delighted to have supported Kingston University on all legal aspects of this important project. It is no mean feat closing a deal of this size and with so many parties involved at the best of times and to manage it during the coronavirus crisis speaks volumes of the University’s commitment to securing high quality accommodation for its students”.