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10/07/2007 - UPP to provide £200 million further investment in university sector
The University Partnerships Programme (UPP), the country's leading university partner in student accommodation, is celebrating a successful start to the year with new partnerships that will see the company support UK universities with £200 million further investment in student accommodation and academic facilities.
Two separate agreements recently completed with Lancaster University and Loughborough University will see UPP deliver and manage nearly 2,300 new student rooms in long-term partnerships with both institutions.
Lancaster University has selected UPP as partner for Phase IV of its Residences Programme, which will deliver nearly 1000 rooms and also sees the launch of a new sustainable model for eco-friendly student living - the UPP/Accent Student Home. The deal has included a re-financing of the previous three phases of the Residences Programme, on which UPP also partnered with Lancaster University, and a 10-year extension of the leases. This will allow the University to release a significant amount of capital, to be reinvested back into the institution.
UPP has also been selected by Loughborough University to deliver 1,300 new student rooms in a £60 million scheme, the largest such investment made by Loughborough University to date.
Both agreements transfer construction, operational, asset and demand risk from the universities. UPP Residential Services Ltd will provide hard FM services to Lancaster University for the duration of the 48 year contract, and hard FM services throughout the partnership with Loughborough University.
Together the two schemes will deliver new student accommodation with an estimated total value in excess of £200 million, taking UPP's total investment in the higher education sector to some £800 million.
Sean O'Shea, Managing Director of UPP, commented:
"As competition to attract future students increases, universities need to develop sustainable, enduring estates that will attract UK and international applications.
"We see ourselves as central to this, as shown by our extended commitment to the HE sector with this substantial additional investment and an innovative, new model for eco-friendly student accommodation. We look forward to forming further, long-term partnerships to help universities achieve their objectives."
ENDS
For more information, please contact:
Ian Lindsley, Ben Russell, Fran O’Leary, Jefferson CommunicationsTel: +44 (0)20 7256 8912
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