PwC, the joint administrators to various companies within the Opal group, has selected DTZ, a UGL company to advise on the disposal of eight student residential blocks estimated to be worth circa £300m. The properties are located in Liverpool, Manchester, Leeds, Birmingham, Nottingham, Newport and Greenwich.
Toby Underwood, joint administrator and partner at PwC stated: “Having stabilised the operating platform and occupancy of the properties, the administrators will, together with DTZ, undertake a timely but measured disposal of the properties, which will negate any perception that these assets are distressed and realise optimal value following the implementation of any appropriate asset management opportunities.”
Andrew TC Smith, lead director at DTZ comments: “This appointment recognises DTZ’s strength in this area and the fact that we can bring additional insight and market awareness to the role of adviser.”
Mike Mitchell, UK head of student accommodation investment states: “We are going to work closely with PwC. These properties represent excellent assets and there is already keen interest from parties looking for high quality stock. Formal marketing will commence next month.”