Student housing specialist Opal Property Group has put a 148-bed Devon portfolio up for sale as part of its strategy to trim its £900m debt pile.
Opal has appointed Jones Lang LaSalle to sell 128-bed Phoenix House and 20-bed Windsor Villas on the south edge of Plymouth city centre. The latter is vacant and both are being marketed as refurbishment or redevelopment opportunities.
Opal instructed Rothschild earlier this year to help it reduce its debt, of which more than £400m matured last month. Last month it put a 512-bed property in Shoreditch, N1, up for sale at £37.5m – a 5.8% yield.
Sources have previously told Estates Gazette that the firm, founded by Stuart Hall, is under increasing pressure from its lenders, including Barclays, to secure equity quickly.
Market sources suggest Opal will seek between £1.5m-£2m for the Plymouth portfolio.
joanna.bourke@estatesgazette.com
