£197m of finance raised through the largest wrapped bond issue in the UK new build student accommodation market.
The University of Sussex and Balfour Beatty, advised by Newbridge Advisors, have reached Financial Close for a new student accommodation project on the institution’s campus which will provide bedrooms for 2,117 students, together with new student amenities and a Students’ Union building.
Balfour Beatty was appointed as preferred bidder for the project in January 2015 and since then, alongside the University, has worked to secure detailed planning consent for the development.
Balfour Beatty will invest equity of almost £23 million (80% of the project equity) and will design, build, and operate the new residences for 50 years with the University acting as a co-shareholder investing circa £5.7 million (20% of the project equity) and continuing their delivery of pastoral care and student administrative services.
The first phase of additional accommodation is expected to be ready for the start of the 2018/19 academic year.