The administrators of five companies of the Opal Group have completed a sale of the properties to the global investment firm, Avenue Capital Group.
The deal sees Avenue Capital Group acquiring a portfolio of purpose built student accommodation assets totalling approximately 1,800 bed spaces, including 992 bed spaces in Sheffield and 648 bed spaces in Nottingham.
David Crawshaw and Rob Croxen were appointed joint administrators to five companies of the Opal Group on 19th March 2013. Between them, the companies owned three student accommodation buildings, a private rental building and a land asset located in Sheffield, Nottingham, Manchester and Wrexham.
Rob Croxen, joint administrator and partner at KPMG, said: “Following a period of stabilised trading, we are delighted to announce the sale to Avenue Capital. The sale ensures the continuity of the high levels of service provided to students.”
Derwent Students will continue to manage the student accommodation properties in order to ensure maximum continuity for students, staff and the universities.
The sale process was undertaken by Savills, as appointed by the administrators.
Notes to Editors:
The appointment of David Crawshaw and Rob Croxen related to the following businesses and locations:
- South Yorkshire One Limited – Sheffield 3 – 80 Hoyle Street, Sheffield
- Opal Nottingham Limited - Nottingham 1 – St Peter’s Street, Radford, Nottingham
- Opal Condor Limited – Devell House, Wilmslow Park, Manchester
- Opal Wrexham Limited – Snowden Hall, Vicarage Hill, Wrexham
- OGSC Limited – land asset in Sheffield
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KPMG LLP, a UK limited liability partnership, is a subsidiary of KPMG Europe LLP and operates from 22 offices across the UK with over 12,000 partners and staff. The UK firm recorded a turnover of £1.8 billion in the year ended September 2012. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. We operate in 156 countries and have 152,000 professionals working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. KPMG International provides no client services.