Balfour Beatty, the international infrastructure group, has been appointed preferred bidder for Aberystwyth University's £45 million student accommodation project.

The 32-year concession contract involves the design, build and maintenance of student accommodation facilities for Aberystwyth University. The project, located adjacent to the University’s main campus, will provide contemporary accommodation for 1000 students, as well as enhanced learning and communal facilities, which will support the University’s strategy of attracting students from the UK and overseas.

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

Balfour Beatty CEO 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."

(CD/GK)