Contributors
International law firm Womble Bond Dickinson (WBD) has once again advised real estate fund manager Frogmore on a deal to buy 627-bed student accommodation campus, Singer Hall, from Coventry University.
The property, which becomes the latest asset to join the Frogmore Real Estate Partners (FREP) IV portfolio, will be refurbished and managed by specialist student accommodation provider The Mansion Group.
Singer Hall, formed primarily of two and three-storey red brick buildings arranged in small courtyards and comprising 621 non-ensuite rooms and six sizeable modern studios, is set on a 4.8-acre site four minutes' walk north of the university campus and six minutes from the student union and includes communal facilities on site such as a study room, games room and laundry room.
Frogmore have outlined a three-year business plan, which includes the refurbishment of rooms in phases in time for the 2024/25 academic year.
WBD's property team, led by Senior Counsel Adam Taylor-Smith and Partner Georgina Hook, advised Frogmore on the purchase of a leasehold with support from Solicitor Olivia Graham and Associate Leonie Ricketts.
John Matthews, Director of Asset Management at Frogmore said:
"The UK’s purpose-built student accommodation sector has been extremely resilient and is attractive to institutional investors given increased demand from the growing student population, lack of supply and the positive rental growth outlook.
We've come to expect a stellar service from the team at Womble Bond Dickinson, their expertise, strong track record in the real estate sector and ability to provide a first class team who drove the project to completion at short notice played a critical part in the swift completion of this deal."
The purchase of Singer Hall is another high-profile deal Womble Bond Dickinson and Frogmore have worked on together this year after the firm advised the fund manager on a joint venture to purchase two UK hotels in May.
Georgina Hook said:
"We are grateful to the team at Frogmore for once again trusting WBD to provide legal advice on this latest addition to their FREP IV portfolio. Our market leading hospitality expertise, and our ability to provide a multidisciplinary team of experts enabled us to secure the best possible outcome for the client."
