ESSEX University has secured a £ 113 million investment to create over 1,000 new student apartments on its Colchester campus.
Funding was provided by bonds issued by Uliving, official partner of the university.
The £ 113million will fund the design, construction and operation of 1,262 rooms in five new accommodation blocks at the university.
They will be located on the north side of the campus next to the existing Meadows and Copse blocks, managed by Uliving.
The new rooms will be a mix of standards, bathrooms and studios with the construction company Bouygues adhering to the project.
The university says they should be ready for occupation by the start of the term in September 2023.
The 45-year bonds were sold to investors by Assured Guaranty UK Limited (AGUK).
This is the third time the University of Essex has used funding from AGUK to build new housing on site.
Dominic Nathan, Managing Director of AGUK, said: “We are delighted to have entered into a third student housing financing with the University of Essex, demonstrating the value of our wrapped financing solution in providing an efficient form of financing. for projects of this type.
“Despite difficult market conditions in general and an unprecedented global health and economic situation, our collaborative approach with the university and sponsors, as well as investor demand for the debt enveloped by AGUK, resulted in a successful agreement for university. ”
The 1,262 new apartments will join the 4,787 already on campus and help support the university’s plans to reach 20,000 students and 1,000 researchers by 2025.
Hundreds of new student apartments are also being built off campus in Colchester.
Lanswood Limited has permission to build 282 on land behind Colchester Center on Hawkins Road, Alumno has permission to build 336 on Queen Street while Beyond the Box wants to build 300 at Colne Quay in Hythe.
Host’s £ 23million Magdalen Street development opened in September and brought 252 new student rooms to the city.