University Buys Its Own Flats
10 March 2010
Student flats in Edinburgh have been sold for an undisclosed sum to Edinburgh University in a deal structured by Ryden for PriceWaterhouseCoopers, the Joint Receivers of Applecross Investments (Edinburgh) Limited.
The sale means that Edinburgh University now owns the 15 flats at Causewayside and Blackwood Crescent that it previously leased, providing accommodation for 71 first year postgraduate students. The property is located in close proximity to Pollock Halls, Edinburgh University’s flagship accommodation, and forms a key part of their self catered accommodation provision for postgraduate students.
John Morton of Ryden said: “Demand for student accommodation investments in prime residential areas remains strong and this was demonstrated by the significant interest generated in the property from a wide variety of parties including property companies, private investors and the University. The deal represents both a good result for our client and for the University, which now owns its own accommodation.”
Lindsays WS represented Edinburgh University.
Applecross, a former luxury homes developer, went into Receivership last year.
