Student flats sold to Avenue

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Administrators running failed student accommodation provider Opal have sold a portfolio of purpose-built properties, including the firm’s Hoyle Street flats and land in Sheffield.

Avenue Capital Group has acquired the portfolio, which includes accommodation for 992 students in Sheffield, as well as properties in Nottingham, Manchester and Wrexham.

Rob Croxen, joint administrator and partner at KPMG, said: “Following a period of stabilised trading, we are delighted to announce the sale to Avenue Capital. The sale ensures the continuity of the high levels of service provided to students.”

The properties will continue to be managed by Derwent Housing Association subsidiary, Derwent Students, to ensure maximum continuity for students, staff and the universities.