Solutus appointed Primary and Special Servicer on £215m Student Finance PLC
Solutus have been named Primary and Special Servicer on the Student Finance PLC £215m fixed-rate secured note transaction which closed on 7th March 2017.
The transaction, jointly arranged by the Royal Bank of Canada, Barclays and HSBC, sees Canadian real estate investor Brookfield refinance their recent acquisition of the £400m UK Student Housing portfolio from Avenue Capital. The portfolio comprises of 5,684 bed spaces across 13 sites located in Sheffield, Newcastle, Nottingham, Leicester and Wrexham. The facility, which has an expected maturity date of 20 September 2024 and legal maturity of 30 September 2029, also incorporates a tap feature allowing the Sponsor to increase the facility, subject to certain conditions, should they wish to make further UK student housing asset acquisitions in the future.
The transaction is Solutus’ second capital markets deal within the Student Housing sector following their appointment on the AYR Issuer S.A. transaction which successfully prepaid in May 2016.