Saffery provided financial and tax due diligence services to the University of the Highlands and Islands in relation to the acquisition of both MPI Dornoch Limited (MPID) and MPI Elgin Limited (MPIE), which are university halls of residence property holding companies.
MPID owns the freehold to a 40 bedroom student residence located in Dornoch, a town around 45 miles north of Inverness. Similarly, MPIE owns the freehold to a separate 40 bedroom student accommodation residence located in Elgin, a town approximately 40 miles east of Inverness. Both residences were previously leased by MPID and MPIE respectively to the university, who are to run the student residences in-house, post-transaction.
Niraj Patel, head of Corporate Finance at Saffery commented:
“We were delighted to assist the university with their acquisition of both MPID and MPIE alongside my colleague Hilary Clelland, located in our Inverness office. We look forward to seeing the many positive outcomes for the students of the university that will arise from the deal.”
Roger Sendall, Acting University Secretary and Director of Governance added: “I’d like to thank the Saffery team for the quality of their services provided and for their responsiveness to our client needs.”