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UPP Purchase Swansea Residence

Posted by Richard Ward in

Image courtesy of Flickr, Creative Commons

A 2,005-bed student accommodation residence at the Swansea University Bay Campus has been sold for £87.3m.

The purpose-built student accommodation was built by St Modwen and formed part of a £450m development, with the most recent units welcoming students in September 2017.

The accommodation was snapped up by University Partnerships Programme (UPP), a specialist in providing on-campus student housing infrastructure and support services.

Mark Allan, chief executive at St. Modwen, said: "The sale of the latest phase of student accommodation at the Bay Campus is an important milestone and we are proud of all that we have achieved."

"The proceeds from the sale will be used to reduce group borrowings as well as fund new, higher growth projects, both within the campus and further afield, in line with our strategy. We continue to work in close partnership with Swansea University on future developments on the site."

Meanwhile, Sean O'Shea, group chief executive at UPP suggested the new partnership with Swansea University will enable the business to enhance its position as a world-class educational establishment for the benefit of students, staff and the local community for generations to come.

Mr O'Shea added: "We are delighted to have successfully reached financial close on the deal with St. Modwen and we are excited to be providing homes for the tech entrepreneurs, engineers and scientists of the future."