The Uliving Consortium, made up of Bouygues Development and housing provider Derwent Living, has reached financial close of the £65 million student accommodation scheme for the University of Essex.

The scheme comprises the construction of 648 new student units – and the transfer of 766 existing units, for which Uliving will provide the University a capital receipt.

Uliving will manage the entire 1,414 dwellings over a period of 50 years, starting from 2013 when the entire student complex will open. Bouygues Development, Derwent Living and Equitix are the equity providers for the scheme and Aviva Commercial Finance is the senior lender.

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The new build part of the scheme – known as The Meadows – was designed by Lewis & Hickey architects and comprises 12-bed town houses accommodating 228 students and a further 420 en-suite study bedrooms in clusters, along with 'The Hub' an eye-catching pavilion that will house a student common room, a launderette and a ‘grab-and-go’ retail facility.

Bouygues UK has been appointed as the design and build contractor. The construction has commenced on the site adjoining Boundary Road which forms part of the University’s major Knowledge Gateway development. The Meadows will be the first development on the site, which has been created so that small businesses and blue chip companies can benefit from close links with the academic community and research facilities. Derwent has been appointed as the Facilities Management contractor and will start delivering services in July 2013.

Managing Director of Uliving Stephane Slama-Royer said: "We are very pleased to be a part of this exciting journey to transform the student accommodation at the University of Essex. The development is set to enhance the University experience for students by providing exceptional modern living space in a well designed complex with first rate facilities and service levels."

(CD)