Addleshaw Booth & Co has completed the UK's largest higher education estate transfer in its first deal for the University Partnership Programme (UPP) launched by Jarvis. The deal with Nottingham Trent University involves the transfer of 2,326 bed spaces in eight separate halls of residence to Jarvis UPP under a 33-year lease. This is the first time that a UK university has transferred almost its entire estate to the private sector. The development cost of the project is over £67m, with a whole life value of £295m. Addleshaws partners Adrian Collins in real estate and Caroline Janzen in banking led the deal from London, while Leeds-based partner John Toon advised on tax. Addleshaws was appointed on the back of its existing relationship with Jarvis. The relationship is now being grown particularly through Addleshaws' London base, which was launched in November 1998. The team has also been appointed to advise Jarvis UPP on the Lancaster University estate project, on which it is now the preferred bidder. Under the agreement, Jarvis UPP accepts the risk of a fall in demand, which in turn made the funding particularly interesting. Jarvis UPP will manage the operation of the accommodation - the provision of full accommodation services, estate maintenance and operational services, including property management, cleaning and security. Jarvis will also work alongside the university to develop its conference and summer lettings business, while the university will continue to market and allocate rooms. Collins said: "Estate transfers in general aren't part of the PFI, but use PFI techniques. There isn't a unitary charge as such and the university receives a premium for the accommodation. It's not unlike a sale and leaseback, but the income is generated by students, with greater or lesser levels of support by the university. "I expect this to be used as a model by higher education bodies over the next few years as they look for ways of taking assets off balance sheets and generating capital to deliver their academic strategies. Like most businesses, owning and managing property isn't core to their operation." Jarvis uses a wide range of firms, including Eversheds and Theodore Goddard, which were both involved in the Nottingham deal. Theodores advised Barclays Bank, which provided senior debt. The instruction marks a significant development in the firm's relationship with the bank, as this is the first time it has been instructed by Barclays for projects-related work. The introduction to Barclays' education team, led by Michael Stone, came via Jarvis. Partners David Hickman in projects and Mark Dunlop in banking led the team. Barclays funded the UPP vehicle in which Jarvis and Barclays European Infrastructure (BEIL) were 50-50 equity participants. Beil was advised by Ashurst Morris Crisp, while Eversheds partner Tim Costello led the team advising Nottingham Trent University.