UPP are providing very high quality units, which is what the market wants, so this development will help to enhance the offer we make to students.
Jeremy Lindley - Director of Corporate Services, University of Exeter
The Financial Times has reported that UPP has signed a major deal with the University of Exeter to provide student accommodation in the city. Commenting in the Financial Times, Sean O’Shea, the Chief Executive of UPP, said: “This sort of deal will become more prominent in the sector as universities look to curtail costs. We have more than 30 universities on our list to do deals with next year."
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UPP has entered into a long-term partnership with the University of Exeter to provide additional student accommodation on the university’s Streatham Campus. The £133 million initiative represents one of the largest property transactions finalised during 2009, involving more than £130 million of funding provided by Barclays Commercial Bank and RBS.
The three-year construction project, due to start in 2009 is valued at circa £80 million and is a key part of a major investment programme currently being undertaken by the university. The £450 million project includes the £48 million Forum Project which will provide a new library and other learning resources, as well as a £25 million investment in the Business School and £18 million for new facilities for Biosciences. The deal with UPP, which was the result of a competitive bidding process, will generate a capital receipt for the university allowing investment in core teaching and research functions, while enabling it to improve and expand its student accommodation provision.
UPP’s partnership with the University of Exeter involves the transfer of 980 rooms of existing accommodation, of which 617 will be retained and operated by UPP Asset Management. The remainder will be redeveloped to provide 1,952 new en suite rooms at Birks Hall, Duryard and Lafrowda, built using UPP’s Eco Residence model.
| Scheme type: | Estate transfer (phase I), new development (phase II) |
| Rooms: | 2,569 |
| Occupancy: | 100% at start of academic year 2009/2010 |
