National law firm Shoosmiths has advised The Royal Bank of Scotland plc on the £4.5million refinancing of student accommodation provider Ziggurat Student Living.
Ziggurat is a private student accommodation provider offering high spec accommodation in close proximity to Edinburgh, Newcastle and Dublin universities. The firm has completed a number of student accommodation schemes across the UK and Ireland, including the 64-bed Wellgate House development which opened in the Scottish capital in 2010, and developments at Shrubhill and Murano Place this year. The former Wellgate House office block was revamped into stylish student accommodation with a £2million refurbishment by Ziggurat and is a popular choice with students in the city due to its prime position in the heart of the old town.
The company has now completed a refinancing at Wellgate House and continues to operate and manage the building as Ziggurat.
The Royal Bank of Scotland plc was advised on this transaction by Shoosmiths' real estate finance specialist, senior associate Sheelagh Cooley, supported by solicitor Shona White.
Martin McCourt, relationship director at The Royal Bank of Scotland plc, said: 'We'd like to thank Sheelagh and the team for their professionalism and dedication. The quality of their advice and expertise ensured that the transaction proceeded smoothly to completion within the agreed timescale.'
Summarising Shoosmiths' role in the transaction, Sheelagh commented: 'This transaction demonstrates our reputation as experts in real estate finance and the student accommodation sector. We were delighted to be able to assist with The Royal Bank of Scotland in this matter and look forward to working with them again in the future.'
Shoosmiths' real estate group is one of the largest in the UK, made up of teams advising on real estate, construction, planning, property litigation, and environmental issues. Shoosmiths' clients include commercial and residential developers, investors, retail and leisure operators, social housing bodies, major corporate occupiers, banks and other funders of public sector bodies.