BANKS SEIZE CONTROL OF OPAL PROPERTY GROUP

On the 22 March 12013, Place North West' reported that on the 6 March the Opal Property Group, based in Manchester, is in receivership after failing to re-finance some £886m of debts to a number of lenders, including UK and overseas banks and building societies.

Opal is one of the largest providers of student accommodation in the country with 20,000 bed spaces and partnerships with 14 universities.

Opal's subsidiary, Ocon Construction, has also filed notice of intention to appoint an administrator, and has transferred its £50m, 1,259-bed 'Crown Place' project for Liverpool University to the university.

In its turn, Liverpool University has established a subsidiary construction company to take over responsibility for delivery of the 'Crown Place' development.

There is a possibility that the Group will be broken up.

Administrators were yet to be appointed.