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11/08/2008 - UPP Announces £111 Million Refinancing of Nottingham Trent University Student Residential Accommodation
University Partnerships Programme (UPP), one of the UK's largest providers of student accommodation, today revealed a major refinancing package being carried out in conjunction with Nottingham Trent University (NTU). Under the new arrangement, a ten-year lease extension has been agreed for the new company and represents the forging of a closer partnership between UPP and NTU. Involving £111 million, the refinancing will bring together the two UPP-managed schemes at the University under one new special purpose company.
The partnership was started in 2002 with an estate transfer of 2,300 rooms on the NTU campus, and strengthened when UPP built 446 new rooms in 2003.
Sean O'Shea, Managing Director of UPP, comments:
"This deal shows that significant new funding is still available for developments in the higher education sector, which remains highly attractive and stable despite the vagaries of other parts of the property market. It also underlines our commitment to partnership. NTU is a genuine stakeholder in the accommodation scheme, not just outsourcing its student housing. Students will benefit from high-quality, well-managed properties and the University gets a valuable injection of capital to utilise on the provision of its core services."
Stephen Jackson, Chief Financial and Operations Officer at NTU, adds:
"This marks the next evolution of our accommodation programme, strengthening our partnership with UPP via a financing package that provides significant benefits to both parties. The two schemes are a key element of our offering and will enable us to continue attracting the best students."
ENDS
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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