Balfour Beatty appointed preferred bidder for £45 million student accommodation project
11 February 2013
Balfour Beatty, the international infrastructure group, has been appointed preferred bidder for Aberystwyth University’s £45 million student accommodation project.
The 32-year concession contract involves the design, build and maintenance of student accommodation facilities for Aberystwyth University. The project, located adjacent to the University’s main campus, will provide contemporary accommodation for 1000 students, as well as enhanced learning and communal facilities, which will support the University’s strategy of attracting students from the UK and overseas.
Balfour Beatty will invest 10% of the required equity in the project, which is expected to reach financial close in mid-2013.
Balfour Beatty CEO Designate, Andrew McNaughton, said: “We are delighted to have been selected as preferred bidder for this long-term contract in the student accommodation sector, our second success in this area in five months. We look forward to working with the local supply chain to deliver this project.”
Balfour Beatty has significant presence in the UK student accommodation market, with design and build contracts currently totalling over £120 million. The Aberystwyth project, combined with the University of Edinburgh’s £110 million student accommodation project we announced in August, will further enhance our position in this attractive market.
Balfour Beatty plc
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Notes to editors:
1. Balfour Beatty (www.balfourbeatty.com) is a world-class infrastructure group with capabilities in professional services, construction services, support services and infrastructure investments.
We work in partnership with our customers principally in the UK, continental Europe, the US, South-East Asia, Australia and the Middle East, who value the highest levels of quality, safety and technical expertise.
Key infrastructure markets include transportation (roads, rail and airports); social infrastructure (education, specialist healthcare, and various types of accommodation); utilities (water, gas and power transmission and generation) and commercial (offices, leisure and retail).
The Group delivers services essential to the development, creation and care of these infrastructure assets including project design, financing and management, engineering and construction, and facilities management services.
Balfour Beatty employs 50,000 people around the world.