Balfour Beatty has been named preferred bidder for Aberystwyth University’s £45m student accommodation project

The 32-year concession contract involves the design, build and maintenance of accommodation for 1,000 students at a site next to the university’s main campus.

Balfour Beatty will contribute 10% of the required equity in the project, which is expected to reach financial close in mid-2013.

Balfour Beatty chief executive designate Andrew McNaughton, said: “We are delighted to have been selected as preferred bidder for this long-term contract in the student accommodation sector, our second success in this area in five months.

“We look forward to working with the local supply chain to deliver this project.”