Stock market woes halt property firm deal
Tue 4th Sep, 12:21:32 BST
Student landlord firm Opal Property Group has pulled out of a refinancing deal due to volatility on the stock market, according to reports.
The group, which has properties in cities such as Birmingham, London and Manchester, had been working on the deal for some months but Stuart Wall, founder and managing director of Opal, told the Manchester Evening News that it was now "shelved".
"We would have liked to have done the deal but, as you get bigger, you are more likely to be affected by the macro-economy," he told the paper, adding that the firm would have "no problem with funding going forward" and suggesting it would "just have to go down more traditional routes".
Opal are currently developing a number of projects, announcing in August that it would build a ten-storey building at the Abertay University campus in Scotland ready to provide housing for 500 students by September 2009.
Earlier this month, a report from Nationwide suggested that recent turmoil on international financial markets would probably not have a "significant" impact on the housing market in the short term but claimed that the long term effects would "depend on how long it takes for market jitters to settle".
The group, which has properties in cities such as Birmingham, London and Manchester, had been working on the deal for some months but Stuart Wall, founder and managing director of Opal, told the Manchester Evening News that it was now "shelved".
"We would have liked to have done the deal but, as you get bigger, you are more likely to be affected by the macro-economy," he told the paper, adding that the firm would have "no problem with funding going forward" and suggesting it would "just have to go down more traditional routes".
Opal are currently developing a number of projects, announcing in August that it would build a ten-storey building at the Abertay University campus in Scotland ready to provide housing for 500 students by September 2009.
Earlier this month, a report from Nationwide suggested that recent turmoil on international financial markets would probably not have a "significant" impact on the housing market in the short term but claimed that the long term effects would "depend on how long it takes for market jitters to settle".
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