Balfour Beatty reaches financial close on US$104 million Texas student accommodation project
20 June 2014
Balfour Beatty, the international infrastructure group, announces today that it has reached financial close for phase one of the Texas A&M University student accommodation project valued at US$104 million (£62 million).
Balfour Beatty is integrating its design, construction and investment capabilities to deliver the project. The Investments business will earn a development fee for its participation and the US Construction Services business will provide design and build services.
This is the first of a two phase project with an estimated combined value of US$200 million (£119 million). Phase one of the development at College Station, Texas, will feature 1,274 beds configured in apartment designs, as well as community areas and other amenities for the University’s undergraduate population. Construction will commence immediately, with the first students expected to move in during August 2015.
Negotiations on the second phase are expected to be concluded later this year.
Texas A&M University is the sixth largest university in the US and prides itself on providing safe, sustainable and good quality accommodation for its students. One of the key sustainable elements which Balfour Beatty will deliver on this project includes a sophisticated building control system which will allow the University to remotely monitor and adjust temperature within each room to ensure maximum energy efficiency.
Steve Marshall, Balfour Beatty Executive Chairman said: “There is an increasing number of development opportunities in the US student accommodation market where we are developing a leading position, and we’re delighted to be at the forefront of this growth. Our ability to combine expertise across finance, development and construction is proving attractive to clients and this project is another great example. We look forward to continuing our partnership with Texas A&M University to deliver this significant project.”
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Notes to editors:
About Balfour Beatty
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 and the USA, with developing businesses in Australia, Canada, the Middle East, South Africa and South East Asia.
With proven expertise in delivering infrastructure critical to support communities and society today and in the future, our key market sectors focus on infrastructure - transportation (roads, rail and aviation), power and energy, water, and complex buildings (both commercial and social).
Balfour Beatty employs 40,000 people around the world.
About the Texas A&M University System
The Texas A&M University System is one of the largest systems of higher education in the United States, with a budget of $3.8 billion. Through a statewide network of 11 universities, seven state agencies, two service units and a comprehensive health science centre, the A&M System educates more than 131,000 students and makes more than 22 million additional educational contacts through service and outreach programmes each year. Externally funded research expenditures exceed $820 million and help drive the Texas state economy.