Kingston University halls of residence at Seething Wells and Kingston Hill multi-million pound refurbishment gets underway.
Mills & Reeve, the appointed lawyers, are working with the client and the preferred financing partners, Equitix and Engie, in a consortium with Kingston University. The project will become a key part of the University’s desire to modernise and improve its accommodation offering.
The senior financing is in the form of privately placed bonds wrapped by Assured Guaranty.
As part of the project, over 1,200 existing rooms will be redeveloped, with a further 117 new rooms added. Five listed buildings at Seething Wells will also be renovated, providing a café and dedicated events space. The Kingston Hill site will benefit from new and larger communal kitchens and upgraded shared social spaces for students.
Kingston University Vice-Chancellor Professor Steven Spier said “The environment and spaces in which students live, study and socialise have a real impact on their time at university. This long-term partnership with Engie and Equitix will allow us to improve on and upgrade our halls of residence at Seething Wells and Kingston Hill for the benefit of our students, ensuring they have access to high quality, modern accommodation while they complete their degrees.”
Jens Henniker Heaton from Mills & Reeve said “We are delighted to have supported Kingston University on all legal aspects of this important project. It is no mean feat closing a deal of this size and with so many parties involved at the best of times and to manage it during the coronavirus crisis speaks volumes of the University’s commitment to securing high quality accommodation for its students”.
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