Firm: Ashurst (University of Melbourne)
Deal: Ashurst has advised the University of Melbourne on its student accommodation partnership with AMP Capital’s AMP Capital Diversified Infrastructure Trust.
Area: Infrastructure, education
Key players: Ashurst’s team was led by infrastructure partner Harvey Weaver, with assistance from counsels Melinda Harris and Laura van den Berg, and lawyer Adam Fyfe.
Partners Ian Kellock and Geoff Mann gave tax advice, while Rehana Box advised on insurance matters.
Partner Matthew Bubb advised on finance with assistance from counsel Trent Chung and lawyer James Szauer, with trust matter advice given by senior associate Jonathan Scott.
The University’s legal team was led by senior lawyer Joel Seignior.
Deal significance: The 40-year accommodation agreement with AMP Capital will be done through AMP’s Capital Diversified Infrastructure Trust.
The arrangement, touted by Ashurst as “the first student accommodation transaction of its kind by the university,” will see two residences refurbished and constructed close to the university’s Parkville campus.
Little Hall was established as part of the Hansen Scholarship Program earlier this year and, according to Ashurst, will offer 20 high-achieving students annually the financial, academic and social support needed to “thrive” in undergraduate studies, as well as support the transition to graduate studies or careers.
Alongside the second property, 303 Royal Parade, both residences will “be developed and operated under the University of Melbourne brand and new accommodation guarantee.”
The University of Melbourne will retain ownership of the residences and have operational responsibility of the facilities.
AMP Capital will be responsible for the facilities’ management services, such as building maintenance.