East Slope Residencies Plc: 01 April 2017
The issuer is an SPV whose principal purposes are to issue bonds and to on-lend the proceeds to East Slope Residencies Student Accommodation Limited Liability Partnership (ProjectCo), pursuant to an issuer on-loan agreement. ProjectCo is an SPV established for the principal purpose of designing, building and maintaining student accommodation for the University of Sussex and associated facilities and amenities in the East Slope Residencies area of the University of Sussex. ProjectCo will beneficially own 100% of the Issuer.
The University of Sussex is a higher education and research institution near Brighton, in the south of England. The University now consists of 12 Schools and currently has over 16,000 students and 2,400 staff.
On the Issue Date, ProjectCo will enter into a project agreement with The University of Sussex to: a) design and build new student accommodation (to be known as East Slope Residences) comprising 2,117 beds in a combination of townhouses and cluster flats, other student amenities, all supporting services infrastructure, access roads and a carpark; and b) provide facilities management and lifecycle services for the premises including any conversion work required to adapt the premises for use by potential University tenants with a disability.
Compare/contrast: Uliving @ Essex Issuerco, Student Finance plc (2.6663 Sep 2029)