Balfour Beatty, the international infrastructure group, announces today that it has been appointed preferred bidder for a mixed-use development contract with the University of West Florida that has an estimated value at completion of £330 million (US$500 million).
The Project is comprised of the University Park and Northwest Village projects. The University Park project is expected to cover a range of facilities including student accommodation, a student union, football stadium, parking structure and plaza. The Northwest Village project is expected to include a senior living community geared at retired faculty and persons affiliated with the university. The project will be delivered in phases over a 10-year period, with the first phase expected to reach financial close in 2014.
Over the past few years Balfour Beatty has established a significant presence in the student accommodation market in both the UK and the USA. In addition to the latest success in Florida, Balfour Beatty has already closed five student accommodation projects in the USA and has two more in the preferred bidder stage. Balfour Beatty also announces today that it has achieved financial close on two projects in the UK: the £63 million Holyrood Postgraduate Student Accommodation and Outreach Centre project for the University of Edinburgh and the £45 million Penglais Farm New Residences Project for Aberystwyth University.
Commenting today, Andrew McNaughton, Balfour Beatty CEO said, “We look forward to working with the University of West Florida, Aberystwyth University and The University of Edinburgh to deliver these fantastic projects that will greatly enhance the student experience.
“We have identified the student accommodation market as a key growth area and an effective route to the diversification of our business. To date, we have established our position in this market by combining our investment, construction and maintenance capability to meet the needs of our clients, and have transferred our knowledge and skills gained in the military housing market in the USA and social infrastructure projects in the UK, to bring a real difference to these projects.
“Investment in student accommodation is expected to continue over the next few years on both sides of the Atlantic, with $1 billion of new projects coming to market in the USA and a pipeline of around £1 billion of new projects anticipated in the UK. Our progress so far demonstrates that we are well-placed to maximise on these opportunities as they come to market.”
Balfour Beatty plc
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Notes to editors:
Balfour Beatty (www.balfourbeatty.com) is an international infrastructure group that delivers world class services essential to the development, creation and care of infrastructure assets; from finance and development, through design and project management to construction and maintenance.
Our businesses draw on more than 100 years of experience to deliver the highest levels of quality, safety and technical expertise to our clients principally in the UK, the US, Southeast Asia and the Middle East. We continue to develop our business in key growth markets in South Africa, Australia, Canada, Brazil and India.
With proven expertise in delivering infrastructure critical to support communities and society today and in the future, our key market sectors include transportation (roads, rail and aviation), power and energy, mining, water and social infrastructure such as hospitals and schools.
Balfour Beatty employs 50,000 people around the world.