Forsters advises on forward-funding of further student development
Forsters has advised a pension fund managed by LaSalle Investment Management (LIM) in relation to the forward funding of a student accommodation scheme in the Eastside Locks area of Birmingham for a price in excess of £43 million.
The canal side development will form part of Birmingham's new learning quarter on the former Birmingham Post site.
The developer of the 659-bed project is Alumno Developments. Completion of the scheme is anticipated for 2016.
Commercial property partners Howard Gill and Ronan Ledwidge led on the transaction, assisted by James Corbett. Head of Construction, Sarah Cook, advised in relation to construction matters assisted by Emily Holdstock.
Forsters has also recently advised LIM on the £16 million funding of another Alumno student housing scheme, the 228-bed All Saints' project in Norwich.