US operator buys Opal portfolio

Greystar, a US-based student accommodation specialist, has acquired 21 former Opal blocks from administrator Ernst & Young for an undisclosed sum.

Greystar funded the deal in partnership with Goldman Sachs.

Brett Lashley, UK managing director of Greystar, said the assets were undermanaged. The portfolio includes halls in Manchester and Liverpool.

EY acted on behalf of a group of banks led by RBS. Macquarie advised Greystar and Goldman Sachs.

Manchester-based Opal collapsed into administration earlier this year after failing to agree a refinancing deal with 14 lenders.

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