Ashurst has advised the University of Melbourne on a 40-year student accommodation agreement with specialist global investment manager, AMP Capital, through its AMP Capital Diversified Infrastructure Trust.
The arrangement is the first student accommodation transaction of its kind by the University and will see two residences – 303 Royal Parade and “Little Hall” – refurbished and constructed close to the University of Melbourne’s Parkville campus. “Little Hall” was established when the Hansen Scholarship Program was announced by the University earlier this year. The Program will offer 20 high-achieving students annually the financial, academic and social support needed to thrive in their undergraduate studies at the University, as well as support their transition to graduate studies or outstanding graduate careers.
The two residences will be developed and operated under the University of Melbourne brand and new accommodation guarantee. The University will retain ownership of both residences and have operational responsibility, including marketing and day-to-day pastoral care to students. AMP Capital will have responsibility for facilities management services such as building maintenance.
The Ashurst team was led by infrastructure partner Harvey Weaver (picture), assisted by counsels Melinda Harris and Laura van den Berg and lawyer Adam Fyfe. Partners Ian Kellock and Geoff Mann provided tax advice, with partner Rehana Box advising on insurance matters. Finance advice was provided by partner Matthew Bubb, assisted by counsel Trent Chugg and lawyer James Szauer. Senior associate Jonathan Scott advised on trust matters.
The University’s legal team was led by senior lawyer Joel Seignior.
Involved fees earner: Rehana Box – Ashurst; Matthew Bubb – Ashurst; Trent Chugg – Ashurst; Adam Fyfe – Ashurst; Melinda Harris – Ashurst; Ian Kellock – Ashurst; Geoff Mann – Ashurst; Jonathan Scott – Ashurst; James Szauer – Ashurst; Laura van den Berg – Ashurst; Harvey Weaver – Ashurst;
Law Firms: Ashurst;
Clients: University of Melbourne;