FINANCE: Goldman Sachs and Greystar Real Estate Partners are buying £276m of loans secured by collapsed Opal Group assets.
The US investment bank and South Carolina-based student housing developer are buying the loans from Lone Star, which acquired them through its purchase of the IBRC £4.2bn Project Rock loan portfolio.
Project Rock included eight loans to Opal Property Group, which had a gross unpaid balance of £276m and were backed by eight student accommodation blocks, two professional accommodation blocks and two hotels.
It is understood that the partners are paying in excess of £300m for the debt.
The latest deal comes after Goldman and Greystar teamed up last October to buy a 6,900-bed portfolio through the Opal insolvency.
Greystar has been on an aggressive acquisition trail since entering the UK student housing market around 12 months ago.
The properties were previously operated by Stuart Wall’s Opal, which collapsed after failing to agree a refinancing deal for nearly £900m of debt with a number of lenders including RBS and Anglo Irish Bank ahead of a 1 March 2013 deadline. KPMG currently manages the assets.
The student accommodation blocks in the current deal include: Wilmslow Park, Manchester; Opal Court, Leicester; Opal 1, London; Chandos Hall, Manchester; Opal 1 & 2, Sheffield; Atlantic 1, Sheffield and Opal Villas, Plymouth.
Eastdil Secured advised on the sale.
All parties declined to comment.
joanna.bourke@estatesgazette.com
