Tue, 21 May 2013 | ADMINISTRATION
£300 million worth of property used for student accommodation is to be marketed for sale by the administrators of Opal Property Group.
KPMG, Grant Thornton, Ernst & Young and PwC were appointed to about 50 Opal companies (most of the group), two months ago after Opal collapsed under the weight of its bills and the continued challenging trading conditions.
Now eight student blocks, located in Liverpool, Manchester, Leeds, Nottingham, Birmingham, Greenwich and Newport, are to be sold off.
PwC has brought in property agent DTZ to manage the formal marketing of the properties.
Speaking to The Business Desk, Toby Underwood, joint administrator at PwC, noted: “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.”
Opal’s UK head of student accommodation investment, Mike Mitchell, said: “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.”
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