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Our Market

We see an increasingly global marketplace, with UK universities competing with international rivals to attract domestic and overseas students.

The good news for student accommodation investors, developers and operators is that UK universities now recognise more than ever the need to provide high-quality accommodation and facilities, to give themselves a competitive advantage in the market.

We predict continued growing demand from current and future students for high-quality, modern and affordable accommodation and it is vital to the continued success of UK higher education that universities meet these expectations by ensuring the very best experience is available to all.

Given the number of international institutional lenders that we work with and the continuing appetite from the wider capital markets, it’s clear that investors share this view.

Our Strategy

Our strategy is a simple one – to establish long-term partnerships with leading universities to provide cost-effective funding and high-quality, affordable residential and academic infrastructure.

At UPP we maintain a single-sector focus in the UK higher education sector.

Our model involves being located at the heart of campus, aligning the long-term strategies of universities with the opportunities afforded by historically cost-effective capital market funding and establishing long-term partnerships – evidence of our belief in the sector and its ability to flourish in a global competition for students.

We have established a long-term growth strategy to ensure we remain well positioned to meet the growing demand for investment within the sector, while at the same time helping our university partners achieve their long-term ambitions.

Our Business Plan

We recently completed our new Business Plan covering the period 2017/18 to 2021/22. With more than 37,000 rooms in operation, under construction or at preferred bidder stage we are looking to grow our portfolio significantly over the next five years.

Our focus is to deliver our construction pipeline, improve the residential student experience and maintain and enhance our Shareholders’ value in our existing portfolio.

We are committed to growing on a controlled and risk-adjusted basis, with our primary driver being to increase the value of our Group over time, focusing on the quality of revenues, our overall investment proposition and in turn enhance our overall cash generation and the value of our portfolio.

We plan to increase our number of partners and the size of our portfolio in a selective and controlled manner, to strengthen our relationships with existing partners and to continue to deliver great services to students.

We will continue to develop new and innovative ways to fund infrastructure projects, establish innovative solutions for the non-residential requirements of our partners and harness the economic benefits of effective procurement – while investing in the wellbeing of our people and keeping them safe in the workplace.

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Financial Announcements


Key Financials

£74.0m EBITDA
£159.2m projected gross rent roll (fully built‑out) for 2017/18
£178.9m turnover
£2.5bn invested in the UK higher education sector since 1998
Provided a home for over 310,000 students since 1998
Over 37,000 rooms in operation, under construction or at preferred bidder stage
Average occupancy level across the portfolio
Over 800 employees
Long-term bespoke partnerships with 16 world-leading universities

Company Structure and Directors

Sean O’Shea

Group Chief Executive Officer

UPP REIT Co Limited
UPP Group Holdings Limited

Sean was appointed Group Chief Executive Officer in 2008. In 2004, he led the management buyout which subsequently created UPP from Jarvis plc. He is responsible for the commercial architecture of the Group’s bespoke public-private partnership approach.

Sean joined Jarvis plc in 1996 as Construction Director.  He has previously also held senior positions at Mansell, part of Balfour Beatty plc.  Sean is a Quantity Surveyor and also a member of The Prince’s Trust Built Environment Leadership Group.

Richard Bienfait

Chief Financial Officer

UPP REIT Co Limited
UPP Group Holdings Limited

Richard was appointed Chief Financial Officer in October 2016. Prior to this, he was Chief Executive Officer of Affinity Water Limited, the largest water only supplier in the UK, a position he held for five years from 2010. Richard also worked for 13 years at Veolia Water UK Limited, part of Veolia Environnement SA, the global leader in optimised resource management.

During his time at Veolia Water UK Limited, Richard held a number of senior financial positions, including Chief Financial Officer for six years. In this role, he helped grow the turnover of the business from £250 million to £600 million; led the sale of Veolia’s interest in Southern Water in 2006 and the acquisition of non-regulated contracts from Thames Water and United Utilities in 2007 and 2010 respectively; and managed the refinancing of £200 million of debt at Three Valleys Water, the debut long dated Sterling bond issue for Veolia Environnement SA. Richard is a Chartered Accountant and an associate member of the Association of Corporate Treasurers.

Jon Wakeford

Group Director, Strategy and Communications

UPP Group Holdings Limited

Jon was appointed Group Director, Strategy and Communications in 2007. In this role, he is responsible for the evolution and delivery of the Group’s vision, as well as activities relating to public affairs and communications.

Jon has more than 20 years’ experience in the higher education sector. He originally joined UPP in 2000, when the Group was Jarvis plc, as Head of Research and Development. He has also worked as a Senior Advisor to the higher education team at KPMG.

Jon is a member of the Higher Education Commission and was elected on to The Confederation of British Industry London Council in 2016 for a three year term.

Julian Benkel

Group Compliance Director and Company Secretary

UPP Group Limited

Julian was appointed Group Compliance Director and Company Secretary in 2006. In this role, he has responsibility for all matters relating
to risk, governance and compliance.

Julian was part of the management buyout, which founded UPP from Jarvis plc in 2004 and was Group Finance Director for a period thereafter. Julian joined Jarvis plc in 2002 as a Divisional Financial Director. Prior to this, he worked as Finance Director of Schal and also UBS AG. Julian is Chartered Accountant with more than 30 years post-qualification experience.

Mike Eady

Group Health and Safety Director

UPP Group Limited

Mike was appointed Group Health & Safety Director in 2016. He is responsible for developing and maintaining the highest standards within the fields of safety, health and environment across the Group.

Mike joined UPP from Wates Construction, a division of Wates Group Limited where he was Head of Operational Safety. He also previously worked Direct Line Insurance Group plc as Head of Operations and Marketing Supply Chain. Prior to this, Mike was Logistics Director for Royal Mail plc (Midlands) and held other senior roles within the Group including Head of Engineering and positions within property development, business continuity and network management. Mike has also worked at The Royal Bank of Scotland Group plc.

Dr Paul Marshall

Group Business Development Director

UPP Group Limited

Paul was appointed Group Business Development Director in 2014. He is responsible for business development activities and delivering opportunities through the Group’s growth pipeline.

He has over 20 years’ experience working in the higher education sector. He joined UPP from the Association of Business Schools, where he was Chief Executive Officer and also worked with the Government to develop the Small Business Charter. Prior to this, Paul was the Executive Director of the 1994 Group of Universities and held several advisory positions within Government.

Paul sits on the Advisory Board and Funders Group of the HE Global, an initiative between Universities UK and the UK Higher Education International Unit.

Paul Milner

Managing Director, UPP Residential Services Limited

UPP Group Limited

Paul was appointed Managing Director of UPP Residential Services Limited in 2015. In this role, he is responsible for overseeing the Group’s provision of specialist residential management services.

Paul has over 25 years’ experience in construction and operational management. He joined UPP from Balfour Beatty plc where he spent 15 years of this career, most recently as Commercial Director for UK Support Services. Paul has also held senior roles at Shepherd Building Group Limited, Taylor Wimpey plc and Mowlem, now Carillon plc. He is a Chartered Quantity Surveyor.

Andrew Percival

Managing Director, UPP Projects Limited

UPP Group Limited

Andrew was appointed Managing Director of UPP Projects Limited in 2016. In this role, he will oversee the Group’s design, planning, funding and development business which is responsible for the origination, negotiation and sequent financial close of all transactions.

Andrew joined UPP from VINCI Construction UK, a national construction and facilities company and the largest British subsidiary of VINCI PLC where he was Director of VINCI UK Developments and VINCI Investments. In this role, he was responsible for the day to day management of VINCI’s involvement in the redevelopment of New Covent Garden Market, one of the largest regeneration projects in London. Andrew has held senior positions within Taylor Woodrow Construction, focused on origination of public/private partnership transactions, prior to its acquisition by VINCI PLC in 2008. Andrew is also a Board member of the Hertfordshire Local Enterprise Partnership and Chairman of Stevenage First, a partnership focused on achieving the long term regeneration of Stevenage town centre.

Kelly Stafford

Group Human Resources Director

UPP Group Limited

Kelly was appointed Group Human Resources Director in 2016. In this role, she has overall responsibility for people strategies across the Group.

Kelly joined UPP from Balfour Beatty plc, where she was Director of Talent & Development of the Construction Services (UK Division), as well as a member of the senior management team. Prior to this, she was Human Resource Director UK & Ireland for Tech Data Corporation Inc. In addition, Kelly has held senior positions at Carnival Corporation and Carnival plc (UK), MJ Gleeson Group plc and Crest Nicholson plc. Kelly has also acted as a consultant for the charity, Age UK (Southampton) on a voluntary basis.

Mark Swindlehurst

Managing Director, UPP Management Limited

UPP Group Limited

Mark was appointed Managing Director of UPP Management Limited in January 2018. He leads the newly-created asset management company which will focus on driving the long-term performance of UPP’s Special Purpose Vehicles, both individually and as a portfolio.

He joined UPP from Lancaster University where he held the position of Director of Facilities. Having joined Lancaster in 2003, he led the University’s estates team through a significant campus redevelopment programme, including the investment of over £500 million in its Bailrigg Campus.

Prior to joining the University, Mark worked for the BBC in its corporate property department and he is a past Chair of the Association of University Directors of Estates (AUDE).

Results and Presentations

To be posted in due course

Financial Calendar

2018

31 August 2018

Payment of interest and principle to noteholders

Corporate Governance

We continue to implement further improvements in corporate governance to ensure that the Group is best placed to deliver the rigorous controls required to operate a listed entity.

To ensure that the management of business risk is second nature, the Group has chosen to adopt the principles established within the UK Corporate Governance Code.

Management

The Group has a non-executive Chairman and non-executive Shareholder Directors who, together with the Executive team, ensure that appropriate governance and operational processes are maintained.

The Chairman is tasked with oversight of the strategic direction for the Group, whilst the non-executive Directors are tasked with providing constructive challenge to the Executive team on strategic matters.

Working together, this underpins the effective execution of our Business Plan.

We measure Board effectiveness through a process of annual Board evaluations and following the guidelines of the UK Corporate Governance Code, undertake an external evaluation on a three-yearly basis.

The ongoing process of evaluation generates valuable insight and, as a result, the Board develops action plans which it commits to implement over each twelve-month period.

Focus is placed on learning and development in light of both changing market conditions and a more challenging regulatory environment.

Board Committees

Corporate governance is embedded across the Group, with the following Board Committees in place to ensure that risk is actively managed:

  • Audit Committee (a committee of UPP Group Holdings Limited) whose primary function is to develop the Internal Control Framework of the Group and assist the Board in fulfilling its financial and risk oversight responsibilities. The Group has established an Internal Audit Function which consists of a co-sourced provider and a dedicated in-house manager, both of which report in to the Audit Committee
  • Remuneration Committee (a committee of UPP Group Holdings Limited) whose responsibility is to determine the remuneration and conditions of employment for Executive Directors and Senior Managers
  • Investment Committee (a committee of UPP Group Holdings Limited) is responsible for scrutinising and challenging proposed investments, sanctioning both the costs and commercial conditions relating to each project.
  • Health and Safety Committee (a committee of UPP Group Holdings Limited) which sets industry-leading health and safety standards with which our contractors and suppliers are obliged to comply. This year our committee has been strengthened by the appointment of our new Group Director for Health and Safety. The Group has a dedicated in-house health and safety team that monitor all stages of development activity undertaken by the Group and advise on health and safety matters.