The transaction is structured on the basis of a purchase of a 250-year long leasehold interest in three student accommodation blocks located on the university’s main campus in Preston: Ribble Hall, Roeburn Hall and Whitendale Hall.
The finance lease is for a term of 40 years at an initial rent of £854,000pa with annual rental uplifts to RPI between 1% and 5%. On expiry of the finance lease period, the long leasehold tenure is determined, and the property reverts to the University of Central Lancashire.
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