Tue, 22 Aug 2023 | BUSINESS SALE
A student accommodation development in Aberdeen has been acquired out of administration by a serviced accommodation provider. AP Apartments has acquired Alpha Homes (Leicester), which is part of UK student accommodation provider Alpha Homes Group, following a lengthy administration process.
RSM Restructuring Advisory’s Paul Dounis and Gareth Harris were appointed as joint administrators to Alpha Homes in December 2021, after unpaid rent on the firm's 30-bedroom Highgate site had been built up under various lease agreements.
In order to ensure continuity for the students living in the development, the company continued to trade under the administrators, who worked with Sutton Real Estate Consultants to market the site for sale. A sale of the business and its assets to AP Apartments was ultimately secured, with the sale proceeds distributed to the joint owners and investors following settlement.
RSM partner and joint administrator Paul Dounis commented: "Facilitating the sale of Alpha Homes has been a complex process, and we wanted to ensure minimal disruption to the residents and their living situation. I am pleased that we have agreed a sale between investors and AP Apartments, securing the future of the site as a student accommodation provider."
AP Apartments director Asaad Tariq said: "Following the completion of the intricate transaction, our current focus has now shifted to the undertaking of refurbishing and elevating the complex, with the goal of turning it into top-tier student accommodation that not only reflects positively on Aberdeen but also bolsters the local economy.”
Tariq added that AP Apartments was seeking to acquire “comparable buildings or parcels of land promptly, as we are eager to expand our brand across Scotland."
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