06 January 2012 #Clarkslegal
Clarkslegal has recently acted for the University of Reading in successfully completing the largest ever single disposal of student accommodation in the UK. The transaction, worth in excess of £200m, creates one of the most substantial higher education and private sector partnerships in the country.
University Partnerships Programme (UPP), a private sector company, will now act in conjunction with the University to promote and manage all of its student accommodation, which had previously been operated by the University.
The project ran for almost three years and during that time a number of specialist teams at Clarkslegal worked together to document the University’s priorities and ensure that the University’s concerns for the future of its students were satisfied.
The transaction has provided the University with the funds to invest in research and teaching facilities for its students and to 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.”
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.”
In order to complete this significant deal a number of lawyers from across several of our teams joined together to create a specific University Project Team. It was crucial to the success of the deal that all members of the team were kept up to date with developments and knew how any variations affected their input. The team worked closely to ensure seamless support and enable the University to reach its goals.
The University Project Team was led by Kirstin Parker, Partner in the Procurement and Commercial Team.