Dickinson Dees plays leading role in multi million pound University of York deal

The University of York and Leeds-based Evans Property Group have formed a joint venture to own and run the new 589-room Goodricke College on the University's campus expansion at Heslington East.

The multi million pound deal is one of the biggest property transactions in York this year.

Leading national law firm Dickinson Dees played a key role in this deal, introducing the joint venture partners and advising the University during the complex negotiations.

Philip Ashworth, partner in charge of Dickinson Dees' York office, commented:

"This is one of the most significant deals in York over the past 12 months. It enables the University to keep an interest in Goodricke College, whilst sharing the responsibility of ownership with one of the leading development and investment companies in the north of England."

"It gave Dickinson Dees special pleasure in introducing the two parties involved and we take pride that this introduction led to the setting up of the new joint venture",  he added. "They will now own and run Goodricke College."

Graham Gilbert, the finance director of the University of York, commented:

"This is an important and, we believe, innovative transaction that has enabled us to liberate significant funds for the further development of our estate whilst allowing us to make a valuable investment in student accommodation. We are looking forward to a profitable collaboration with Evans, our joint venture partner and have greatly enjoyed working with Dickinson Dees; they have handled the logistics of a complex transaction well and have provided us with sound and commercially informed support and advice throughout."

Alan Syers, Portfolio Director at Evans Property Group said: "We are very pleased to have established this Joint Venture arrangement with the University of York.  As long term investors in property, we value our relationships with our partners.  We expect that this innovative approach to the ownership and management of student accommodation will deliver long term benefits to both partners."

Philip Ashworth said: "We are delighted to have started such a fruitful relationship with the University of York. Dickinson Dees has been operating in York for three-and-a-half years and we are providing the kind of comprehensive legal services which, hitherto, had been unavailable in North Yorkshire."

Evans of Leeds were advised by Leeds law firm Pinsent Masons and property agents Ryden. James Crookes, property partner at Pinsent Masons leading the transaction on behalf of Evans said:

"We are delighted to have been working once again with Evans. This innovative deal is a significant one for both parties and contributes to the ongoing development of the University."

The new Goodricke College was officially opened in April 2010 by Prince Andrew. It features three accommodation blocks:  Janet Baker Court, Kenneth Dixon Court and Oliver Sheldon Court.

The new buildings feature a mixture of standard and en-suite accommodation and a central 'nucleus' with large communal common rooms, a laundry and offices for staff. The new facilities double the college's capacity.

For further information about Dickinson Dees please click here to visit their website.