By Andy Bell
TLT has supported NJOY Student Living with the acquisition and funding of a 298-bed apartment block at Carr Mills in Leeds, expanding its portfolio.
The company, which currently operates three sites in Manchester, secured a £15.6m funding boost and bought the existing private rental units for £11.65m.
Having grown significantly over the last six years, NJOY’s move into the Yorkshire market means it now has more than 500 student beds across both cities.
TLT advised NJOY on all legal aspects of the acquisition and the financing of the deal. The team included real estate partners Andy Bell and Patrick Sheehan, banking partner Paul Crighton and banking associate Paul Brock.
Jason Worrall, director at NJOY, said: “Having developed a successful business model in Manchester over the past six years, the time is right for us to expand into other cities across the North. This represents a step change for our business in terms of increased numbers of beds and diversification into one of the UK’s most popular student markets.
“TLT were invaluable in terms of the advice and support they gave us throughout the transaction, from acquiring the rights to the property to financing the deal. The team covered all bases and worked very well together and with the various other parties involved.”
Patrick Sheehan, partner at TLT, says: “The student accommodation market is evolving as students seek a more modern living arrangement that meets their needs, all at an affordable price point. There is a lot of opportunity in the UK’s fastest growing university cities for businesses with a distinctive offering, who can fund these transactions. We are delighted to have worked with NJOY on this important milestone for the business and wish them well.”