DLA Piper has acted for PwC, which was the administrator for eight companies in the Opal Property Group.
The team, led by partner Mark Jackson alongside Barney Smedley, helped to successfully sell the companies’ business to Campus Living Villages (CLV) for £244.9m.
CLV, which is part of an Australian group providing student accommodation in the US, Australia and New Zealand, will acquire Opal’s sites in Birmingham, Liverpool, Leeds, London, Manchester, Newport and Nottingham, adding an additional 4,539 beds and more than doubling its portfolio to 8,360.
The Opal Property Group was one of the largest providers of university student accommodation in the UK. CLV was advised by Osborne Clarke, K&L Gates advised the bond funder and McGuireWoods advised Arlington Investors as an equity investor.