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11/11/2008 - University of Exeter announces £150m accommodation deal
A £150 million initiative to increase the amount of on-campus student accommodation and thereby relieve pressure on the local rented housing market was announced today by the University of Exeter.
Following a competitive bidding process, the University has selected on-campus student accommodation provider University Partnerships Programme (UPP) as its ‘preferred bidder'. UPP will take over the running of Lafrowda Flats, Rowe and St German's and will then seek planning permission to redevelop some of the existing buildings and, in addition, to build further new student rooms on the University's Streatham Campus.
The initiative is a vital part of the University's £450 million investment programme. This also includes a £48 million redevelopment of the centre of the Streatham Campus called the Forum Project, a £25 million investment in the Business School and £18 million for new facilities for Biosciences. The agreement with UPP is strategically important because it enables the University to concentrate its funds on academic investment whilst also being able to improve and increase student accommodation stock. It underpins the University's ambition to become a top 10 UK university by 2012: Exeter is currently ranked 13th in the Times league table.
The University's Director of Finance Jeremy Lindley said:
‘The University is a tremendous asset for the city of Exeter and is worth more than £300 million a year to the local economy. The fact that we are still able to invest during troubled economic times will also help to protect local jobs. However, we also recognise that we have a big impact on the availability of housing in Exeter. Many students live in rented houses and this puts them in direct competition with local families. We want to free up rented accommodation for local families by providing students with an alternative on campus.'
UPP company founder Clive Crawford added:
"We work in partnership with universities to ensure we offer both high-quality accommodation for students and a solid financial solution. Being selected to work with the University of Exeter is testament to this offering, and we look forward to building a successful and productive relationship with the University and its students."
The University's £450 million investment programme is gaining pace. Last week the University selected leading architects Wilkinson Eyre to design its £48 million Forum Project to provide new learning and social space for students. Work is already underway on phase one of the Business School improvements and the University is now seeking planning approval for a major new building to expand facilities.
King Sturge property consultants managed the procurement process and acted on behalf of the University alongside Michelmores solicitors and Quayle Munro financial advisors.
UPP was selected from a list of five bidders. UPP have offered to lease 982 existing bed spaces at Lafrowda, Rowe and St Germans. The Lafrowda bedspaces will be completely redeveloped and further development sites have been identified at Duryard, Birks and Elmbrook. It is hoped to secure planning permission for the new developments in March 2009 and to sign the final agreement with UPP in July 2009.
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For more information, please contact:
Ian Lindsley, Ben Russell, Fran O’Leary, Jefferson CommunicationsTel: +44 (0)20 7256 8912
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Notes to Editors University Partnerships Programme (UPP) is the trading name of the UPP Group of companies. It specialises in funding, developing and operating student accommodation schemes. It has invested almost £1 billion in the higher education sector and plans to invest a further £1 billion over the next two years.
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