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15th Nov 2018
University Partnerships Programme (UPP) has closed a £41.4m deal to deliver 382 student beds for the University of Exeter.
UPP will design, build, fund and operate the residences through the redevelopment of the existing Moberly and Spreytonway sites situated on the University's Streatham Campus. The existing Moberly accommodation is seen to be at the end of its usable life and will redeveloped to increase the total number of bed spaces from 139 to around 251. Meanwhile, Spreytonway House will be transformed into 131 high-quality, premium bedrooms.
The University and UPP have worked together since 2009 and have helped to deliver and operate over 2,500 beds on campus residences.
The latest deal will include £37.2 million of index-linked bond debt from Pension Insurance Corporation (PIC), with a debt tenor of 47 years. A further £4.2 million will be provided by the UPP Group and its shareholders.
The announcement follows on from further good news for UPP after it was revealed the University of Exeter had selected the company as the Preferred Bidder to design, build, fund and operate an additional 1,182 bedrooms as part of its East Part project.
Once the project is completed, UPP will operate over 4,000 rooms on the University of Exeter campus.
Commenting on the deal, Sean O'Shea, Group Chief Executive of UPP, said: "Following our recent selection by the University as its Preferred Bidder for the 1,182-room East Park project, this latest announcement is further testament to the strength of our existing bespoke, long-term partnership with the University. When our existing portfolio and the new schemes are combined, we will be operating over 4,000 on-campus residences in Exeter, in continued support of the University's Capital Strategy and providing the very best student experience."
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