University Partnerships Programme has won the race to manage the University of Reading’s entire on-campus student accommodation.
UPP, which beat Unite and ULiving – a joint venture between Bouygues and Derwent Living – to win the contract, will invest £200m into the university and take on management of a total of 4,170 student bedrooms.
Reading will continue to own its student accommodation.
UPP is backed by funds managed by Barclays Infrastructure Managers and has a portfolio of more than 20,000 beds across the UK. It has typically signed 50-year deals with universities.
However, it is in talks with a wide range of institutional investors about the Reading deal, which it hopes will give the university confidence to sign a longer contract.
At Reading, UPP will take over the operation of 2,623 existing bedrooms, followed by a further 898, which are due to be completed in time for the 2012-13 academic year. It has also been contracted to develop a further 650 bedrooms on campus.
UPP’s partnership with the University of Reading dates back to 2000.
The university’s director of finance and corporate services, David Savage, said: “In difficult funding times for higher education, UPP’s partnership with the university will free up our capacity to invest in, and improve, our research and teaching facilities across the university and enhance the student experience.”
