UPP reaches financial close on student accommodation project in UK
May 31, 2017 – University Partnerships Programme (UPP) has reached financial close on its £155m deal with University of Hull for the West Campus Residences Project in the UK.
The student housing project secured £127.6m of index linked bond funding from Allianz Global Investors and £27.4m of subordinated debt and equity from UPP, its shareholders and the university.
The project involves the development of 1,462 new single-room and one-bedroom apartments across nine separate blocks. The property will also feature an urban green and avenue featuring a cafe, convenience store, laundry facilities, along with formal and informal outdoor areas.
At the same time, UPP will also revamp and operate 288 rooms at the university’s Taylor Court.
Vinci will serve as UPP’s construction partner for the project. The first 478 new rooms are expected to be available for the 2018 student intake, while the rest are expected to be available in September 2019.
UPP group CEO Sean O’Shea said: “We are delighted to have supported the University of Hull’s plans to develop the multi-million-pound West Campus Residences Project.
“Our partnership will enable more students to live on campus at the heart of this fantastic institution. The scheme will facilitate the University’s ambitious plans and have a positive impact on the wider community.”
“By investing further in exceptional infrastructure that enhances the distinctive features of the University’s campus and promotes sustainable living, the University will build on its market-leading position of delivering the very best student experience.”