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The East Slope Residences project will replace an existing 600-bed facility on the university's campus in Brighton with 2,000 new bedrooms, subject to planning permission.
The new rooms will be built in a range of formats including townhouses, alongside new student amenities. Construction is anticipated to start in the first half of 2016. Balfour Beatty will not only build the new premises but also manage them for 50 years under the DBFO contract.
With the prospect of potential bidders considering take-over offers for Balfour Beatty, the company’s management is keen to emphasise that the construction and support services businesses should not be hived off from its investments arm. Last month Balfour Beatty turned down a £1bn offer from John Laing Infrastructure Fund for its PFI portfolio, fearing it would undermine the value of the remaining business. [See previous report here.]
Balfour Beatty chief executive Leo Quinn said that this contract win was a good example of why the company should not be broken up. He said: "Following the revaluation of the portfolio last week [to £1.3bn], this project demonstrates the continued value our investments business brings to the whole group. We look forward to supporting the university with their growth ambitions and delivering on their sustainability targets."
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