The Alma Mater Fund buys student accommodation arm to raise much-needed cash for Jarvis.

Jarvis has concluded the sale of its University Partnership Programme bidding and management operation to the Alma Mater Fund.

The transaction will result in the transfer of 35 employees to a new company, UPP Projects Limited.

The Alma Mater Fund has previously developed university student accommodation in partnership with the UPP business and university clients. It recently acquired from Jarvis a number of the investments held in the UPP joint venture special purpose vehicles.

Alma Mater is a joint venture partnership company managed by 3i and Barclays Private Equity. It aims to develop a portfolio of student accommodation projects in partnership with universities across the UK.

The troubled contractor and support group is currently attempting to raise £25m from property sales to enable its core lenders to refinance the firm.