Ashurst has lent its aid to the formation of a major partnership for the University of Tasmania (UTAS).
The global firm advised UTAS in its partnership with The Spark Living Consortium (Spark Living), which was granted a 30-year license for 10 of the university’s 14 accommodation properties.
The consortium, formed by DIF and Tetris Capital, paid an undisclosed sum for the license, which will grant them future rental revenue for the 14 facilities, which contain 1,800 beds. The consortium is now also the asset manager of the properties.
UTAS will use the proceeds for its research, teaching, and student-experience initiatives. It will also use some of the funds in ongoing projects to integrating its campuses with the state’s cities.
Lead partner Harvey Weaver said that Ashurst, over the last few years, has been leading the development of structures for student-accommodation transactions that allow universities to benefit from private capital and expertise, while allowing the educational institutions to retain a significant element of control over the provision of student
services.
“The monetisation of student accommodation is increasingly becoming the focus of Australian universities as a means of raising capital, with the UTAS transaction following on from similar deals we have been involved with for the
Australian National University and the University of Wollongong,” said lead counsel Melinda Harris. “As other universities consider their funding options going forward, we expect to see the high level of activity in this sector continue.”
The firm’s infrastructure team included partner Richard Guit, senior associate Meredith Riley, lawyers Tristan Aguirre and Brian So, with graduates Anna-Lisa Doumani and William Keen. Its corporate team include partner Murray Wheater and senior associate Samantha Robson, while its finance team included partners Simon Irvine and Matthew Bubb, counsel Trent Chugg, lawyer Anthony Pitruzzello, and graduate James Szauer.
Partner Michael Ryland and senior associate Jonathan Scott from the funds team also worked on the deal. Ashurst employment counsel Julia Sutherland, insurance partner Rehana Box and disputes lawyer Beth Waterfall also supported the firm’s team.
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