Subscribe to our Construction Newsfeed
Uk Construction Directory
Search our 156,810 companies....

Construction News

30/05/2013

Financial Close For Student Accommodation Project

The University of Hertfordshire and Uliving (the consortium comprising Bouygues Development and not-for- profit housing association Derwent Living) have announced they have reached, together with Meridiam Infrastructure and Legal & General, financial close on the £190 million, off balance sheet single asset, demand risk project for the University of Hertfordshire to deliver its new student accommodation scheme. Today’s release follows the announcement in July 2012 that the consortium had been appointed preferred bidder.

Located at the College Lane campus in Hatfield, the project is part of the University’s vision to enhance students’ lives by creating a fully inclusive living and learning campus environment.

Under the scheme, Uliving will be responsible for the design, build, finance and operation of new student accommodation totalling over 3,000 bedrooms, and the associated social spaces and infrastructure works.

This innovative project bond financing is the first of its kind to be implemented in Europe and gives Uliving access to particularly long term financing provided by institutional investors as an alternative to traditional shorter term banking solutions. Equity partners for the scheme are Meridiam Infrastructure Finance II (55%), Bouygues Development (13.3%), Centro Place Investments, a subsidiary of Derwent Living, (13.3%), University of Hertfordshire (13.3%) and Legal and General Assurance Society (5%).
-- Advertisement --
hss



Bouygues Development will manage the development and construction management of the project. Derwent Living, again as part of the Uliving consortium, will be responsible for the operation and facilities management elements of the contract for a total period of 50 years. The operation and facility management tasks will begin immediately to cover the existing student accommodation.

Construction, which involves the development of over 2500 new bedrooms before September 2016, will be undertaken by Bouygues UK under a contract worth ca. £117 million. Derwent Living’s provision of asset management and facilities management services for the new and existing units will be worth more than £200 million over the lifetime of the contract. Derwent Living will also refurbish the existing 500 bedrooms over the next three years

The scheme will be delivered in three phases with the first phase due to commence immediately and is scheduled to be completed in September 2014 in readiness for the start of the new 2014/2015 academic year.

Each subsequent phase will be completed in time for the start of the following academic year with the entire scheme being completed in September 2016. Construction works will run alongside the existing accommodation units, which will be transferred to Uliving immediately and be in full operation throughout.

In addition to the main construction and refurbishment works, the scheme includes new sports pitches, a campus gym, informal learning and social spaces and a new dedicated bus route.

(CD/IT)

Latest Construction News

17/01/2025
Leeds Trinity University has officially opened its newly refurbished City Campus at 1 Trevelyan Square in Leeds. Completed by GRAHAM Interior Fit-Out, the transformation of the central Leeds site introduces state-of-the-art facilities designed to improve learning and collaborate with industry partn
17/01/2025
Trammell Crow Company (TCC) has secured planning permission for a Grade A logistics scheme in Heywood, Greater Manchester, following a successful planning appeal. The development will feature two state-of-the-art industrial and logistics buildings. One building will house two units measuring 4,796
17/01/2025
Poole-based developer AJC Group has celebrated a record-breaking 2024, delivering 100 affordable homes, a significant increase from the 72 units completed in the previous year. Since 2023, AJC Group has completed and handed over 172 affordable homes across five sites. In 2024 alone, the developer
17/01/2025
Plans for one of the most ambitious parks projects in London have taken a significant step forward, with Haringey Council securing nearly two additional acres of land around The Paddock nature reserve in Tottenham Hale. The agreement with Thames Water marks a major milestone in the transformation o
17/01/2025
Islington Council has unveiled two draft guidance documents aimed at helping residents, businesses, and developers combat climate change by making buildings more energy efficient and fostering a greener, healthier borough. The consultation seeks feedback on the draft Climate Action Supplementary Pl
17/01/2025
The City of Wolverhampton Council has unveiled a £98 million investment plan over the next five years to develop around 500 new homes across the city. The proposal, part of the Housing Revenue Account (HRA) Business Plan, received Cabinet approval this week and now moves to Full Council for final
17/01/2025
Croydon Council has announced a significant milestone in the redevelopment of the Purley Pool site, with revised proposals submitted for a new leisure centre, later living housing, and the regeneration of the surrounding area. A planning application for the site was initially submitted in 2024, pro
17/01/2025
The City of Wolverhampton Council has announced that demolition work has commenced on the New Park Village estate, marking the start of a major £40 million redevelopment project to transform outdated council housing. Contractor DSM Demolition has begun pulling down poor-quality bungalows on Valley
17/01/2025
Hillingdon Council has acquired 12 new homes at Carpenters Court in Uxbridge. Leader of Hillingdon Council, Cllr Ian Edwards and Cllr Steve Tuckwell, Cabinet Member for Planning, Housing and Growth, visited the site to officially mark the handover of the properties from local developer Kearns Devel
17/01/2025
Organisers of UK Construction Week (UKCW) have announced another major coup for the show's 10th anniversary year, with the news that UKCW London will be co-locating with the 14th edition of The Stone Show & Hard Surfaces, the principal industry event for surface design. Established 26 years ago, th
T & D Glazing And Installation LimitedBRICOFLOR UKEfco UK LtdThink Construction Skills Ltd.Lakeside HireAqua Direct LtdStuart CanvasForge Lifts LtdLandscaping CambridgeMy Thread Curtains