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.
News from Addleshaw Goddard
News from The Lawyer
Briefings from Addleshaw Goddard
Addleshaw Goddard has released the 16 October 2014 issue of its Data Issues Roundup, which provides a weekly round-up of data issues.
This round-up includes costs and unreasonable refusals to engage in ADR and four recent cases considering the refusal by one party to engage in ADR.
Analysis from The Lawyer
Which firms are cutting it in this era of slimline rosters, and who are the GC new brooms making clean sweeps? The Lawyer can reveal all
Could Slater & Gordon achieve its stated aim of becoming a top consumer brand by acquiring Pannone?