Group of student accommodation companies sold out of administration

13 March 2014

Eight companies operating under the Opal brand have been sold out of administration to Australian accommodation group, Campus Living Villages for £244.9m. The companies sold were:

- Birmingham One Limited
- Opal Student Homes Limited
- Leeds Two Limited
- Tradefull Limited
- Opal Student Accommodation Limited
- Opal SPV 1 Limited
- OSB Limited
- Opal Greenwich One limited

PricewaterhouseCoopers LLP were appointed administrators for all companies in March of last year to assist with the group’s eight student properties across the UK. 

Joint administrator, Toby Underwood of PwC, commented the process was complex and involved a number of bidders for either the individual properties or for the whole lot.  

He said, “There was significant interest in the properties following our appointment from funds, investors and operators via a number of channels including direct enquiries to the administrators, banks and the wider PwC network”. 

“Campus Living Villages became our preferred bidder for the entire portfolio. Their bid represented the best outcome for creditors on a property by property basis.”

Maximising creditors’ interests is the most important thing to do when a company is insolvent and enters a CVA or administration. Fortunately in this case, there were many bidders willing to buy the brand, creating a very pleasing outcome for all parties, including the students who could stay in the accommodation and of course the creditors.