Bouygues UK has reached financial close for £168m on the third phase of a student accommodation scheme at the University of Essex
Bouygues UK and Uliving, in consortium with Equitix, have successfully achieved financial close of the 50-year concession for the delivery of 1,262 student bedrooms for the University of Essex.
The project known as ‘The Pastures’ is located on the Colchester campus and is the third phase of student accommodation that Uliving will be delivering for the University of Essex.
Maximising value and innovation
Oliver Campbell, Uliving CEO, said: “Well designed and well managed accommodation is a key consideration for UK and international students, and we have worked hard with the University of Essex over the last eight years to support their plans for expansion, delivering high quality and affordable living spaces.
“The Pastures will complement the University’s existing portfolio of student accommodation and we are very pleased to be collaborating with our sister companies Bouygues UK and Bouygues Energies & Services, combining our expertise to maximise the value and innovation we can bring to the scheme.”
Chris Oldham, director of estates and campus services, University of Essex, said: “With two phases already delivered, we are delighted to further grow our partnership with Uliving on a third student accommodation project, which will be crucial in meeting the increased demand we are seeing from the growth in student numbers.
“‘The Pastures’ will be a fabulous home to our students, with a range of accommodation types to meet a range of needs, and we’re looking forward to seeing work progress.”
Construction works are due to start in September 2021 and completion is scheduled for the beginning of the 2023/2024 academic year.