Bouygues UK reaches financial close on third phase of student accommodation scheme for the University of Essex for £168 million including construction, development and facility management.
Bouygues UK and Uliving, student accommodation brand of Linkcity UK in consortium with Equitix have successfully achieved financial close of the 50-year concession for the delivery of 1,262 student bedrooms for the University of Essex. The project known as ‘The Pastures’ is located on the Colchester campus and is the third phase of student accommodation that Uliving will be delivering for the University of Essex, following the handover of Phase 1 (648 new build bedrooms and stock transfer of 772 bedrooms) and Phase 2 (643 bedrooms) built by Bouygues UK in 2013 and 2018 respectively.
Once Bouygues UK have completed the construction, facilities management services will be carried out by Bouygues Energies & Services. Equitix is Uliving’s equity partner on this scheme funded by £113 million indexed and fixed rate bonds listed on The International Stock Exchange and wrapped by Assured Guaranty.
Construction works are due to start in September 2021 and completion is scheduled for the beginning of the 2023/2024 academic year.
Oliver Campbell, Uliving CEO, said:
“Well designed and well managed accommodation is a key consideration for UK and international students, and we have worked hard with the University of Essex over the last eight years to support their plans for expansion, delivering high quality and affordable living spaces. The Pastures will complement the University’s existing portfolio of student accommodation and we are very pleased to be collaborating with our sister companies Bouygues UK and Bouygues Energies & Services, combining our expertise to maximise the value and innovation we can bring to the scheme.”
Chris Oldham, Director of Estates and Campus Services, University of Essex, said:
“With two phases already delivered, we are delighted to further grow our partnership with Uliving on a third student accommodation project, which will be crucial in meeting the increased demand we are seeing from the growth in student numbers. ‘The Pastures’ will be a fabulous home to our students, with a range of accommodation types to meet a range of needs, and we’re looking forward to seeing work progress.”
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