Global law firm Ashurst has advised Rothesay as lender on a £400 million investment facility for Unite UK Student Accommodation Fund (USAF).
Rothesay, the UK's largest specialist pensions insurer which secures the pensions of over one million people and has assets under management of over £70bn, has advanced a £400m eight-year investment facility secured on a portfolio of a high-quality portfolio of 23 purpose-built student accommodation (PBSA) assets located across 15 cities in the UK.
The secured assets are owned by USAF and operated and managed by the Unite Group. The Unite Group is the largest owner, manager and developer of UK PBSA assets with c.68,000 beds across 153 properties. Established in 2006, USAF is the largest specialist student accommodation fund in the UK.
The multi-disciplinary Ashurst team was led by real estate finance partner Stuart Blacklock. He was supported by partners Tim Gummer and Chris Benbow, counsel David Razzell and associate Sam Almaz.
