Addleshaw Goddard advises UPP Group on property-backed bond programme
Addleshaw Goddard has advised UPP Group, a UK provider of on-campus student accommodation, on its property-backed bond programme.
UPP raised an initial £382m through the issuance of two tiers of bonds, a £309m 27-year fixed interest note with a 4.9 per cent coupon and a £75m 34-year index-linked bond. Both bonds will be secured against the rental revenue from the group’s portfolio of student accommodation across six universities, which, in total, generates an annual rent of £133m.
The proceeds of the scheme will be used by UPP to refinance its existing borrowing, as well as to fund future building projects.
The Addleshaw Goddard team was led by head of real estate Adrian Collins, managing associate Kim Fowler, associates Rose-Anna Daukes and Marc Field and experts from tax, banking, real estate, derivatives and corporate finance.
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The past five years have not been easy for Addleshaw Goddard. The firm’s revenue fell 7 per cent from £173.1m to £161.9m between 2008/09 and 2010/11 and despite finances looking up in 2011/12, when Addleshaws reported a 30 per cent increase in net profit, it has shown no notable compound growth in turnover since 2007/08.