The deal will see UPP design, build, fund and operate 1,182 student bedrooms on Exeter University’s Streatham Campus.
UPP has appointed Vinci Construction UK to build the development, which has a construction value of £91m.
Construction of the East Park development now starts this month, with the rooms set to become operational over two phases in September 2020 and September 2021.
On completion, UPP will manage more than 4,000 rooms across the campus.
University registrar Mike Shore-Nye said: “East Park is a very exciting new project for the University of Exeter, which will enhance our facilities and increase the number of on-campus bedrooms we have available for future students. Reaching financial close is a key milestone for the project and we look forward to seeing the construction phase commence in the very near future.”