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25/06/2007 - Work begins on largest student accommodation project at Loughborough University
The University Partnerships Programme (UPP), the country’s leading university partner in student accommodation, has reached financial close on the development of a major accommodation project at Loughborough University.
Over £60 million of private finance will be invested in the on-campus project, which will include the provision of 1,300 bedrooms, in a mix of four and five-storey buildings. The first bedrooms will be available for occupation in October 2008 and the remainder by October 2009.
The deal transfers construction, operational, asset and demand risk from the university. UPP Residential Services Ltd provides hard FM for the length of the lifetime of the project. Dexia and the Bank of Ireland are providing the senior debt required for the scheme while the risk capital will be invested jointly by a Barclays Infrastructure Fund and 3i.
Sean O’ Shea, Managing Director of UPP, said:
“Loughborough University was voted to offer ‘Best Student Experience’ at the 2006 Times Higher Awards, so we are very proud that this new partnership with Loughborough will enable us to work together to enhance further an environment that is already setting the standard for UK universities.
Shirley Pearce, Vice Chancellor at Loughborough University, said:
“We look forward to the construction of this development which will provide students with superb accommodation on campus.”
In addition to working in partnership with Loughborough University, UPP has also reached financial close with Lancaster University on the fourth phase of its Residences Programme, extending the successful partnership by delivering a further 962 rooms.
UPP has also been appointed preferred bidder for accommodation programmes at Leeds Metropolitan University and the University of Kent.
The company will work in partnership with all four universities to build new student accommodation estimated at a total value of over £200 million.
ENDS
For more information, please contact:
Ian Lindsley, Ben Russell, Fran O’Leary, Jefferson CommunicationsTel: +44 (0)20 7256 8912
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