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A multi-discipline, cross-office Fieldfisher team assisted long term client, ACP Partners Limited ("ACP"), a family office and a co-investment platform which provides capital solutions for growth and acquisition finance and restructurings, with the sale of student residence "LivinnX", located in Kraków, Poland to Xior Student Housing NV ("Xior").
Xior is the first Belgian public regulated real estate company (RREC) specializing in the student housing segment with properties located in Belgium, the Netherlands, Spain, Portugal, Germany, Poland, Denmark and Sweden. The sale follows an enforcement process in October 2022 pursuant to which ACP took control of the Polish SPV Propco and successfully operated the student accommodation until it's sale to Xior in July 2022.
LivinnX has 290 self-contained units with 673 beds spread and the total investment value amounts to €28,700,000.
Jaideep Puri (Director, ACP Partners Limited) said : "Its been reported that the global student housing market size is projected to reach a valuation of $18.71 billion by 2032 at a CAGR of 4.95%. Poland has a sizeable number of educational institutions and is a fast emerging destination for students in many countries. This represents a major opportunity for those looking to transform the way they do business in this space. For a transaction like this, which is an integral part of our long term plans, it was important that we work with a partner with experience and track record. The successful completion of the transaction is a clear demonstration of the depth of the Fieldfisher team along with the partners they bring along across the globe to complete a complex transaction."
Robin Spender (Partner, Fieldfisher Banking & Finance) said: "I am delighted that our cross-office team were able to assist ACP complete the sale of LivinnX to Xior. It caps off a long project which has seen Fieldfisher support ACP with the original financing, a subsequent enforcement and restructuring and now the sale of the asset which resulted in both senior and junior creditors being repaid in full. I am particularly pleased with the fantastic collaboration between our London and Brussels offices together with Wardynski & Partners in Poland and George Y Yiangou in Cyprus, which enabled the transaction to complete incredibly smoothly."
The Debt Finance team at Fieldfisher has a wealth of experience advising lenders, borrowers and other market participants on all forms of debt financings. They act for domestic and international banks, investments banks, debt funds and other financial institutions to structure and negotiate transactions. The firm also has a particularly strong track record advising on operating student accommodation and recently advised on a £73 million loan for a major purpose-built student accommodation (PBSA) scheme in Nottingham.
The ACP legal team was led by Robin Spender (Partner, Banking & Finance) and assisted by Igor Stermsek (Director, Banking & Finance) and Connie Chau (Associate, Banking & Finance) in London and by Louis-François du Castillon (Partner, Corporate), Dorothée Vanderhofstadt (Counsel, Corporate), Geoffroy Galéa (Partner, Tax) and Stefanie Hardy (Senior associate, Tax) in Brussels. The Fieldfisher team was assisted by Wardynski & Partners in respect of Polish law aspects and George Y Yiangou in respect of Cypriot law aspects.