University Partnership Programmes (UPP) have successfully transacted a £133 million initiative with the University of Exeter establishing a long-term partnership to increase the amount of on-campus residential accommodation available to students.
The deal is one of the largest transactions completed in the UK, demonstrating the level of confidence the financial community has in the University of Exeter, UPP's unique model and the Higher Education sector in general.
The project will involve UPP designing, financing and operating new residential accommodation at three locations on the University of Exeter’s Streatham Campus and forms part of the University’s £450 million strategic investment programme.
The value of the construction contract is £77 million and construction will take place over three years from financial close, with the final phase due for completion in 2012/13. The transaction, the result of a competitive bidding process, will also generate a capital receipt for the University of Exeter for investment in the provision of its core teaching and research functions.
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The University of Exeter is one of the most successful higher education institutions in the country and was named University of the Year by the Times Higher Education Supplement for 2007/08, and has recently achieved a top 10 ranking in The Times Good University Guide.
UPP's transaction with the University of Exeter is a vital part of the University’s on-going £450 million investment programme, which also includes a £48 million redevelopment of the centre of the Streatham Campus called the Forum Project, a £25 million investment in the Business School and £18 million for new facilities for Biosciences.
The agreement with UPP will enable the University to concentrate its funds on academic investment whilst also being able to improve and increase its student accommodation stock.
Jeremy Lindley, Director of Corporate Services at the University of Exeter, said: "The deal with UPP is critical to the University's future development because we require extra student accommodation if we are to expand and develop in the years ahead. UPP are providing very high quality units, which is what the market wants, so this development will help to enhance the offer we make to students.
The work also complements other developments which are underway to expand our Bioscience and Business schools and provide a new student services building in the centre of our Streatham Campus."
(CD/BMcC)
