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Investors Acquire Partially Built Liverpool Scheme

Posted by Richard Ward

Image courtesy of Flickr, Creative Commons

An investment vehicle has completed the purchase of the 1,007-bed Aura student accommodation scheme in Liverpool.

Aura Investors LLP has snapped up the partially built scheme in the northeast of Liverpool city centre. The development has been funded by deposits paid by off-plan investors on 770 units, but construction ceased after the developer went into administration, putting investors money at risk.

Since the administrators brought the development to market, an investor-led bid for the development was accepted after being deemed as the best outcome for creditors as a whole.

With the scheme now acquired, construction can restart, with phase 1 due to be completed in time for students to occupy the development by the start of the 2021-22 academic year.

Dia El-Turk, who chaired the investor group and now chairs the LLP said: "Completing the purchase of the site gives investors ownership of the development and a say in its construction and operation. Temple Bright's support throughout the process has been invaluable and we look forward to continuing to work together in the next phase of the project."