RSM Restructuring secures sale of student accommodation provider in Aberdeen
21 August 2023
The future of a student accommodation provider in Aberdeen has been secured as administrators of Alpha Homes (Leicester) Limited sold the site and its assets out of administration.
Paul Dounis and Gareth Harris of RSM Restructuring Advisory LLP were appointed joint administrators to Alpha Homes (Leicester) Limited on 23 December 2021.
Alpha Homes (Leicester) Limited was part of the Alpha Homes Group, a student accommodation provider across the UK, and RSM was appointed to oversee the sale of its Highgate development in Aberdeen, a property consisting of 30 bedrooms. The company had no registered employees.
The decision to appoint administrators was made by a group of investors in its Aberdeen site, following a build-up of unpaid rent due under various lease agreements. During the administration, the company continued to trade, with student tenants in place.
Administrators worked closely with Sutton Real Estate Consultants to market the site, resulting in its sale to AP Apartments Limited, a provider of serviced accommodation across the UK. The proceeds of the sale were distributed to the joint owners and investors following settlement, while ensuring continuity of service for its residents.
Paul Dounis, partner at RSM and joint administrator, said: ‘Facilitating the sale of Alpha Homes (Leicester) Limited has been a complex process, and we wanted to ensure minimal disruption to the residents and their living situation. I am pleased that we have agreed a sale between investors and AP Apartments Limited, securing the future of the site as a student accommodation provider.’
Asaad Tariq at AP Apartments Limited, said: ‘Following the completion of the intricate transaction, our current focus has now shifted to the undertaking of refurbishing and elevating the complex, with the goal of turning it into top-tier student accommodation that not only reflects positively on Aberdeen but also bolsters the local economy. The journey ahead for AP Apartments involves acquiring comparable buildings or parcels of land promptly, as we are eager to expand our brand across Scotland.’
Paul Dounis and Gareth Harris of RSM Restructuring Advisory LLP were appointed joint administrators to Alpha Homes (Leicester) Limited on 23 December 2021.
Alpha Homes (Leicester) Limited was part of the Alpha Homes Group, a student accommodation provider across the UK, and RSM was appointed to oversee the sale of its Highgate development in Aberdeen, a property consisting of 30 bedrooms. The company had no registered employees.
The decision to appoint administrators was made by a group of investors in its Aberdeen site, following a build-up of unpaid rent due under various lease agreements. During the administration, the company continued to trade, with student tenants in place.
Administrators worked closely with Sutton Real Estate Consultants to market the site, resulting in its sale to AP Apartments Limited, a provider of serviced accommodation across the UK. The proceeds of the sale were distributed to the joint owners and investors following settlement, while ensuring continuity of service for its residents.
Paul Dounis, partner at RSM and joint administrator, said: ‘Facilitating the sale of Alpha Homes (Leicester) Limited has been a complex process, and we wanted to ensure minimal disruption to the residents and their living situation. I am pleased that we have agreed a sale between investors and AP Apartments Limited, securing the future of the site as a student accommodation provider.’
Asaad Tariq at AP Apartments Limited, said: ‘Following the completion of the intricate transaction, our current focus has now shifted to the undertaking of refurbishing and elevating the complex, with the goal of turning it into top-tier student accommodation that not only reflects positively on Aberdeen but also bolsters the local economy. The journey ahead for AP Apartments involves acquiring comparable buildings or parcels of land promptly, as we are eager to expand our brand across Scotland.’
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