Uliving @ Essex Issuerco: 26 February 2017

The issuer is a special purpose vehicle whose principal purposes are to issue the bonds and to on-lend the proceeds to Uliving@Essex Limited (ProjectCo), pursuant to an issuer on-loan agreement. ProjectCo is a SPV that was established for the principal purpose of (i) designing, building and maintaining new student accommodation for the University in the Meadows area of the University of Essex, (ii) acquiring the existing University accommodation (“the Quays Premises”) known, together with the Meadows Premises, as the "Accommodation" and (iii) providing associated facilities and amenities at the Accommodation.

Equitix Education 2 Limited is the legal and beneficial owner of 85% of the issued shares of HoldCo, and Centro Place Investments Limited ("Centro") is the legal and beneficial owner of 15% of the issued shares of HoldCo – together the "Shareholders". Derwent Housing Association Limited ("Derwent") is the legal and beneficial owner of 100% of the issued shares of Centro.

Construction of the Meadows Premises concluded in September 2013. The refurbishment works at the Quays Premises was undertaken in stages: the Quays Works completed on 24 September 2013; the catch-up works completed on 24 September 2013; and the Further Works completed on 24 September 2014.

The University granted headleases to ProjectCo for the Meadows Premises to take effect from the Original Financial Close Date for a term of 50 years. ProjectCo granted underleases back to the University for the Meadows Premises for a term commencing on 30 January 2014 and ending on 1 July 2063. Such underleases terminate on determination of the headleases.

The Universal Accommodation Group Limited granted headleases to ProjectCo for the Quays Premises to take effect from 8 July 2013 for a term of 50 years. ProjectCo granted underleases to the University for the Quays Premises for a term commencing on 8 July 2013 and ending on 1 July 2063. Such underleases terminate on determination of the headleases.

Compare/contrast: Uliving Gloucestershire Issuerco PLC