Hogan Lovells Advises Aberdeen Asset Management on £27m Student Accommodation Acquisition
07 February 2013
LONDON, 7 February 2013 - Hogan Lovells has advised Aberdeen Asset Management on the £27 million acquisition of a 15-storey student accommodation redevelopment in Nottingham.
Clients of Aberdeen Asset Management acquired the landmark student accommodation and retail development of a former Odeon cinema by way of a full forward funding for £27 million.
The development will be carried out by specialist student accommodation developer Mortar Developments and comprise a 15 storey tower with basement car parking, 3 ground floor retail units and 449 student bedrooms on the upper floors, including 401 en-suite bedrooms in cluster flats and 48 self-contained studio units. The development is due for completion in September 2014.
The Hogan Lovells team advising Aberdeen Asset Management was led by London real estate partner John Condliffe, supported by senior associate Anthony Newton, associate Paul Edwards; and infrastructure and project finance senior associate Jo Philips.
Commenting on the acquisition, John said:
"We are pleased to have successfully advised on this landmark development on a very prominent site in Nottingham city centre. This is a strong strategic acquisition for our clients with 15 years of student income and additional commercial income guaranteed".