The Kexgill Group acquire 87 University of Hull properties in eight-figure deal

The Kexgill Group (Kexgill), one of the largest still privately owned student accommodation specialists in the UK, has completed the acquisition of 87 student houses from the University of Hull for an undisclosed eight figure sum.

The York office of Andrew Jackson Solicitors advised Kexgill on the deal.

The properties, which are located adjacent to the main University campus, form part of the newly created “University Quarter”. The properties are subject to a four-year hard nomination agreement.

Under the terms of the deal, Kexgill secured significant debt funding from specialist real estate funder ICG-Longbow for the acquisition and refurbishment programme, which will take place over a five-year period.

Kexgill’s legal advice was provided by a team led by Philip Ashworth of Andrew Jackson, including Helen Mellors, Matthew Smith and Grace Howell; ICG-Longbow was advised by the London office of Freeths LLP; and, Walker Morris acted for the University of Hull. Kexgill’s tax advice was provided by PricewaterhouseCoopers.

Richard Stott, managing director of Kexgill, said: “We are proud to be working closely with the University of Hull, forming an effective partnership of which the purchase of these houses forms an essential part.

“It is all about improving the experience of students attending Hull be it through the University’s new build Halls or our refurbished properties adjacent to the campus. It is a dynamic changing market and students deserve a full range of price options for their accommodation to enjoy Hull at its best”.

Philip Ashworth, corporate partner at Andrew Jackson, added: “It is a delight to assist the team at Kexgill in a transformational transaction for their business; especially as it comes 25 years after my first instruction from Mike Lee at Kexgill. We wish them every success in this new stage in the growth and development of this significant Northern property success.”

Trudi Vout, Director of Campus and Accommodation Services, also commented: “From a student perspective this is great news. Kexgill is investing a substantial amount of money in refurbishment which will only improve our student experience.

“What students expect in today’s Higher Education environment is changing rapidly and we see this as an opportunity to develop our accommodation offer to meet increasingly individualised requirements.

“The University is looking forward to further developing our relationship with Kexgill to deliver a really top quality living experience for our students. This arrangement will generate opportunities both to improve our accommodation stock and to improve the services and support we offer to our students through shared learning and collaboration”.

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