Student housing developer and operator Uliving has agreed to finance a £67.5m scheme for the University of Essex in Colchester.
The 643-bedroom development at the university’s Knowledge Gateway research and technology park will be funded through a publicly listed £61m index-linked bond placement. It was priced on 26 May at a spread of 150bps per annum over the spot gilt rate.
Uliving, which is owned by Equitix, Bouygues UK and Derwent Housing Association, previously delivered 648 bedrooms for the University of Essex’s Meadows accommodation scheme in 2012.
Work on the latest project is under way and is expected to complete in September 2018.
Nicolas Guérin, board director at Uliving, said: “Finalising this innovative debt package is a major step forward for this project, which continues our partnership with the University of Essex and will see us further expanding its accommodation offer and improving its student experience.
“With financial close now reached and early works underway on the site, I look forward to seeing this exciting project brought to fruition.”
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