‹ Our Portfolio › Completing the largest single-estate transfer
Completing the largest single-estate transfer
In 2011, our long-standing university partner the University of Reading transferred its entire student residential estate of 4,970 rooms to our team to operate.
The 125-year partnership saw 135 University employees transferring to our team. It involved the largest ever single-estate transfer in the UK higher education sector, enabling the University to focus more resources on its core teaching and research functions.
With our partnership having originally been created in 1999, the transaction included 391 rooms at Benyon Hall, 425 rooms which our team transferred and refurbished at St George’s Hall in 2003 and 649 rooms we developed at Bridge’s Hall in 2014.
The estate transfer was possible through an innovative and cost-effective funding structure, enabling our team to secure the most favourable terms in a challenging economic climate and deliver on the University’s requirement for a long-term risk transfer.
Since the transaction, our team has successfully secured 100% occupancy for each year of operation. We deliver a full facilities management service including the accommodation office and a 24/7 student hotline. Our team also markets the accommodation under the University’s brand and manages room allocations.
We have procured £276 million of investment for the partnership, with the market-leading estate transfer being the first of its kind for Aviva Commercial Finance within the higher education sector and the first to be structured for a 125-year concession.