DLA Piper has acted for PwC, who were administrators for eight companies in the Opal Property Group.

The team, led by partner Mark Jackson alongside Barney Smedley, helped to successfully sell the companies' business to Campus Living Villages (CLV) for £244.9m.

CLV which is part of an Australian group providing student accommodation in the US, Australia and New Zealand, will acquire Opal's sites in Birmingham, Liverpool, Leeds, London, Manchester, Newport and Nottingham, adding an additional 4,539 beds and more than doubling its portfolio to 8,360.

Mark said: "This is an excellent result for all stakeholders - the prime focus was always the welfare of the students and this was achieved through PwC's excellent planning. We have once again demonstrated our ability to deliver a complex high value assignment in an effective and timely manner."

The Opal Property Group was one of the largest providers of university student accommodation in the UK. CLV was advised by Osborne Clarke, K&L Gates advised the bond funder and McGuireWoods advised Arlington Investors as an equity investor.