HULL, England--(BUSINESS WIRE)--University Partnerships Programme (UPP), the leading provider of on-campus infrastructure and support services in the UK, today announces that it has been appointed as preferred bidder to deliver a new student accommodation scheme for the University of Hull valued at around £130 million.
The 43-year partnership between the University and UPP will provide a further 1,450 students with a room, helping to meet the growing demand for high quality, on-campus accommodation.
The scheme will comprise a mixture of new build and estate transfer and UPP will raise the required investment and handle the design, construction and operation of the scheme. The construction value of the project is more than £80 million.
This latest partnership boosts UPP’s portfolio to around 31,500 rooms through long term partnerships with 15 leading universities across the UK. Once the transaction is complete, UPP will have invested approximately £2.2 billion in universities across the UK since 1998, demonstrating the appetite amongst long term institutional investment for the higher education sector.
Sean O’Shea, Group Chief Executive of UPP, said: “We’re delighted to be investing in the University of Hull. Our partnership will enable more students to live on campus at the heart of this fantastic institution. This scheme responds to the growing demand from students for high quality, on-campus accommodation, as well as the University of Hull’s commitment to offering the best student experiences. UPP’s research into the experiences of students shows satisfaction with the non-academic side of university is higher among first year students who live in purpose built student accommodation.
“Our business model recognises not only the inherent value of higher education to students, but also the contribution universities can make to the UK economy and society. We are committed to driving investment into the UK’s higher education sector and plan to invest a further £1 billion into universities over the next two years that will help deliver world class infrastructure and continue attracting the brightest and best students from across the world.”
The proposed scheme has been designed to respect and reflect the traditional architecture of its location, and aims to create an active community hub for the University of Hull’s students. The development will be on the west side of the campus, close to the new £28 million Health Campus, currently under construction. Nine accommodation blocks will form around a central plaza at the top of a ‘street’, which will offer facilities such as a newsagents and a central recreation area with a café.
The around £130 million investment is in addition to the University of Hull’s £200 million strategy to provide an “outstanding” experience for its students, which includes new and refurbished buildings, IT structure and student services.
Subject to gaining planning permission, construction is targeted to begin in May 2017 with work due to be completed by the end of 2019.
Notes to editors
About University Partnership Programme:
University Partnerships Programme (UPP) is the leading provider of student accommodation infrastructure and support services in the UK. We have around 30,000 rooms under management or in construction through long term partnerships with 14 leading UK universities. With over 700 employees, we work to deliver the very best student experiences, together with great universities.
We offer bespoke partnerships of typically 40-50 years which enable universities to make the most of their assets, free up resources and improve services available to students. We design and develop high quality, affordable student accommodation on campus. Our innovative approach means our interests are aligned with those of each university partner.
Founded in 1998, we have since invested approximately £2.2 billion in universities across the UK. We have established a long term growth strategy to ensure we remain well positioned to meet the growing demand for investment within the UK’s higher education sector, while at the same time helping our partners achieve their long term ambitions. In 2013, we outlined a five-year growth plan in which we aim to invest a further £1 billion in delivering the very best student experiences, as well as expand our portfolio to more than 40,000 rooms.
In 2013, UPP made its debut £382.1 million public bond issuance. With a multicurrency programme size of £5 billion, the issuance was the first of its kind within the sector and illustrates our ongoing ambition to bring long term institutional investment to higher education in the UK. In 2014, UPP launched a new tranche of £149.7 million index linked senior secured notes under its investment grade programme.
* All figures as at 31 August 2015.