Case studies

Education focus - the difference is in the detail

Our team advised on the draft construction contract and facilities management contracts, warranties and security arrangements on behalf of the funder of a development of a London post graduate student accommodation project with a value of £50 million.

As a significant element of the lender's security came from the income stream from student lettings, provided under a nominations agreement, funders had a specific interest in securing completion and the commencement of lettings. For that reason it was essential for the main collateral warranties to contain detailed step-in rights for lenders, which we drafted and negotiated with the main contractor. Equally, because there was a continued interest in maintaining the income stream, step in rights were provided in the main facilities management contract.

Return to case studies

Penningtons Manches Cooper LLP

Penningtons Manches Cooper LLP is a limited liability partnership registered in England and Wales with registered number OC311575 and is authorised and regulated by the Solicitors Regulation Authority.

Penningtons Manches Cooper LLP