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Thu March 04 2021

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Balfour Beatty closes $104m deal for Texas student digs

20 Jun 14 Balfour Beatty has reached financial close for phase one of the US$104m (£62m) Texas A&M University student accommodation project.

Balfour Beatty is integrating its design, construction and investment capabilities to deliver the project. The investments business will earn a development fee for its participation and the US construction services business will provide design and build services.

This is the first of a two-phase project at the sixth largest university in the USA, with an estimated combined value of US$200m (£119m).  Phase one of the development at College Station, Texas, will feature 1,274 beds configured in apartment designs, as well as community areas and other amenities for the university’s undergraduate population. Construction will begin immediately, with the first students expected to move in during August 2015.

Negotiations on the second phase are expected to be concluded later this year.

One of the key sustainable elements which Balfour Beatty will deliver on this project is a building control system that will allow the University to remotely monitor and adjust temperature within each room to ensure maximum energy efficiency.

Balfour Beatty executive chairman Steve Marshall said: “There is an increasing number of development opportunities in the US student accommodation market where we are developing a leading position, and we’re delighted to be at the forefront of this growth. Our ability to combine expertise across finance, development and construction is proving attractive to clients and this project is another great example. We look forward to continuing our partnership with Texas A&M University to deliver this significant project.”

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