Opal sites sold to US buyer

Five companies of Opal Group, the Manchester-based student landlord which collapsed into administration earlier this year, have been sold to New York investor Avenue Capital Group.

The portfolio of purpose built student accommodation contains 1,800 bed spaces, including 992 bed spaces in Sheffield and 648 bed spaces in Nottingham.

KPMG's David Crawshaw and Rob Croxen were appointed joint administrators to five companies of the Opal Group on 19 March. Between them, the companies owned three student accommodation buildings, a private rental building and a land asset located in Sheffield, Nottingham, Devell Houe in Wilmslow Park, Manchester and Snowdon and Vicarage Halls in Wrexham.

Derwent Students will continue to manage the student accommodation properties in order to ensure continuity for students, staff and the universities.

The sale process was undertaken by Savills, as appointed by the administrators.