Ashurst has advised the University of Tasmania (UTAS) on its innovative partnership to grant a 30-year licence for 10 of the University's 14 purpose-built accommodation properties to The Spark Living Consortium (Spark Living).

The consortium, which includes DIF and Tetris Capital, has paid an undisclosed amount in return for the future rental revenue of the 14 facilities across the State, totalling 1,800 beds. Spark Living also became the asset manager of the facilities when the deal was finalised in December 2017.
 
The proceeds from the transaction will allow UTAS to further invest in its core business of research, teaching, the overall student experience and its ongoing projects to transform Tasmania through the integration of its campuses with our cities in which they are located.
 
Commenting, lead partner Harvey Weaver* (Infrastructure) said: "We are delighted to have advised UTAS on its partnership with Spark Living. Over the last few years we are pleased to have been at the forefront of developing structures for student accommodation transactions that allow the university, such as UTAS in this case, to benefit from private capital and expertise while at the same time allowing the university to retain a significant element of control over the provision of student services."
 
Lead counsel Melinda Harris (Infrastructure) added: "The monetisation of student accommodation is increasingly becoming the focus of Australian universities as a means of raising capital, with the UTAS transaction following on from similar deals we have been involved with for the Australian National University and the University of Wollongong. As other universities consider their funding options going forward, we expect to see the high level of activity in this sector continue."
 
Harvey and Melinda were assisted by partner Richard Guit, senior associate Meredith Riley, lawyers Tristan Aguirre and Brian So with graduates Anna-Lisa Doumani and William Keen (Infrastructure); partner Murray Wheater and senior associate Samantha Robson (Corporate); partners Simon Irvine and Matthew Bubb, counsel Trent Chugg and lawyers Anthony Pitruzzello with James Szauer (Finance); senior adviser - Corporate Michael Ryland and senior associate Jonathan Scott (Funds); counsel Julia Sutherland (Employment); partner Rehana Box (Insurance); with lawyer Beth Waterfall (Disputes).
 
Flagstaff Partners were financial advisers to UTAS.
 
* Harvey is qualified in England and Wales and is an Australian-registered foreign lawyer.