Infrtastructure group worked with university to secure detailed planning consent for the development
Balfour Beatty and the University of Sussex have concluded a finance deal which will see the infrastructure group plough nearly £23m into the development of a new student accommodation project on the institution’s campus.
Having been appointed preferred bidder for the project in January 2015, Balfour Beatty worked with the university to secure detailed planning consent for the development.
Having invested its share – 80% of the project equity – Balfour will design, build, and subsequently operate rooms for 2,117 students for 50 years, with the University acting as a co-shareholder investing the balance – around £5.7m – and continuing their delivery of pastoral care and student administrative services
The pair said the financing of the project represented the largest UK wrapped inflation linked bond since the financial crisis.
The first phase of additional accommodation is expected to be ready for the start of the 2018/19 academic year.