Clarkslegal (Reading, England) has successfully acted for the University of Reading in securing an investment in the region of £200 million from University Partnerships Programme (UPP) for the long term operation of all of its student accommodation, which had previously been run by the University.
The transaction is the largest ever single disposal of student accommodation in the UK and will provide the University with the funds to invest in research and teaching facilities and maintain the high quality education that it currently provides, as well as securing the provision of quality student accommodation for the next 125 years.
Acting Vice-Chancellor, Professor Tony Downes, was delighted “the deal would give the university an important funding boost as the higher education sector battles the impact of public sector funding cuts.”
Clarkslegal’s Deputy Managing Partner David Rintoul highlighted the significance of this deal, for all parties involved: “This has without doubt been the most complex corporate deal ever undertaken by this firm and one of huge strategic importance to the University. That we have been able to undertake all of this, and at the same time meet the University’s expectations on service delivery and timescales, is all down to what can only be described as a tremendous team effort.”
The transaction ran for almost three years and during that time specialist teams at Clarkslegal worked together to document the University’s priorities, deal with the necessary procurement issues and advise on issues arising from EU procurement law, tender documentation, property, construction, employment, corporate governance, charity law, banking and finance and of course, commercial and corporate law relevant to the forms of contract to be entered into by the University.
Following the choice by the University of UPP (University Partnerships Programme) as its preferred provider, the University and Clarkslegal entered into detailed discussions and negotiations with UPP, their funders and their respective advisers to reach agreement on the complex and detailed documentation needed to ensure that the University’s concerns for the future were satisfied.
David Savage, Director of Finance and Corporate Services at the University of Reading added “The University would like to thank Clarkslegal for their huge contribution and the tremendous support given to us in bringing this project to a successful conclusion. They have provided us with excellent legal advice which was always commercial, practical and to the point. Their attention to detail, the service levels provided by every member of the team which went well beyond what one would usually expect and their understanding of our objectives , practical needs and values cannot be faulted.”
