Thirteen Opal Group companies have entered administration after being unable to secure a funding structure, covering over 7,000 student and professional tenants.
Sam Woodward, Alan Bloom and Tom Jack of Ernst & Young have been appointed joint administrators of the 13 companies, listed below.
The firms together provide student accomodation and professional lets for 7,200 tenants in nine locations around the UK.
Ernst & Young also said BNP Paribas had been appointed fixed charge receiver of the property London 4, Tufnell Park in London, which is owned by Opal Carleton.
The remaining Opal Group companies, with the exception of Ocon Construction Limited which is already in administration, are not affected.
A full review of the 20 properties in the portfolio is now underway, with locations in Bradford, Dundee, Huddersfield, Leeds, Leicester, Liverpool, London, Manchester and Wolverhampton.
All the properties will continue to be fully serviced by managing agents and residents will not be affected.
Sam Woodward, joint administrator, said, “Following the expiry of facilities, the Companies and OCL have failed to agree an ongoing funding structure with its secured lenders”.
“We are keen to stress that it is business as usual for the portfolio.”
“Tenants should be assured that any rents paid in advance will be honoured by the Administrators. The managing agents will continue to operate the properties and residents should continue to enjoy the accommodation and facilities on offer.”
Opal Group companies in administration:
Opal Portfolio 1 Limited
Opal Metropolitan Limited
Opal Hulme Limited
Opal SPV2 Limited
Opal Portfolio 2 Limited
Huddersfield 1 Limited
Huddersfield 2 Limited
Wharf Homes Limited
Opal Warehouse Limited
Opal City Living Limited
Opal Developments Limited
Opal Commercial Investments Limited