ESSEX University has secured £113 million in investment to create more than 1,000 new student flats at its Colchester campus.
Funding has been secured via bonds issued by Uliving, an official partner of the university.
The £113 million will finance the design, build and operation of 1,262 bedrooms in five new accommodation blocks at the university.
They will be located on the north side of the campus next to the existing Meadows and Copse blocks, run by Uliving.
The new rooms will be a mix of standard, ensuite and studios with construction firm Bouygues signed up to the project.
The university says they should be ready for occupation at the start of the term in September 2023.
The 45 year bonds were sold to investors by Assured Guaranty UK Limited (AGUK).
It is the third time the University of Essex has used financing agreed by AGUK to build new accommodation on site.
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Dominic Nathan, managing director of AGUK, said: “We are delighted to have closed a third student accommodation financing with the University of Essex, demonstrating the value of our wrapped financing solution in providing an efficient form of financing for projects of this type.
“Despite challenging market conditions generally and unprecedented overall public health and economic circumstances, our collaborative approach with the university and sponsors, along with investor demand for AGUK wrapped debt, has resulted in a successful deal for the University.”
The 1,262 new flats will add to the 4,787 already on campus and help support the university’s plans to grow to 20,000 students and 1,000 researchers by 2025.
Hundreds of new student flats are also being built off campus in Colchester.
Lanswood Limited has planning permission to build 282 on land behind the Colchester Centre, in Hawkins Road, Alumno has permission to build 336 off Queen Street whilst Beyond the Box wants to build 300 at Colne Quay in Hythe.
Host’s £23 million Magdalen Street development opened in September and brought 252 new student rooms to the town.
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