Bouygues UK has announced achieving financial close on Phase III of student accommodation scheme for the University of Essex for £168m.
Bouygues UK and Uliving, a student accommodation brand of Linkcity UK, in consortium with Equitix have achieved financial close of the five-decade concession for the delivery of 1,262 student bedrooms for the university.
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Called as ‘The Pastures’, the project is situated on the Colchester campus.
It is the third phase of student accommodation that Uliving will be delivering for the university after handover of Phase 1, which involved 648 new build bedrooms and stock transfer of 772 bedrooms, and Phase 2, which had 643 bedrooms built by Bouygues UK in 2013 and 2018 respectively.
The completion of construction, facilities management services will be carried out by Bouygues Energies & Services.
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Equitix is Uliving’s equity partner on this scheme funded by £113m indexed and fixed rate bonds listed on The International Stock Exchange and wrapped by Assured Guaranty.
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By GlobalDataConstruction works are expected to commence next month, with completion slated for the beginning of the 2023/2024 academic year.
Uliving CEO Oliver Campbell said: “Well designed and well managed accommodation is a key consideration for UK and international students, and we have worked hard with the University of Essex over the last eight years to support their plans for expansion, delivering high quality and affordable living spaces. The Pastures will complement the University’s existing portfolio of student accommodation and we are very pleased to be collaborating with our sister companies Bouygues UK and Bouygues Energies & Services, combining our expertise to maximise the value and innovation we can bring to the scheme.”
University of Essex director of estates and campus services Chris Oldham said: “With two phases already delivered, we are delighted to further grow our partnership with Uliving on a third student accommodation project, which will be crucial in meeting the increased demand we are seeing from the growth in student numbers.
“’The Pastures’ will be a fabulous home to our students, with a range of accommodation types to meet a range of needs, and we’re looking forward to seeing work progress.”
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Image: Called as ‘The Pastures’, the project is situated on the Colchester campus. Credit: Bouygues (U.K.) Limited
