In a 50-year concession contract, Balfour Beatty will design, build, finance and operate a new 1,400 room student village at Rusham Park.
In addition, the company will look after the existing 621-bed George Eliot student accommodation complex in London, working alongside Student Living by Sodexo as the operator.
The design and build part of the contract is estimated at £130m. Balfour Beatty plans to have the curtain walling, bathroom pods and other components made offsite in factories.
Balfour Beatty Investments will invest 85% of the equity to finance the project with Royal Holloway investing the remaining 15%.
Ion Appuhamy, managing director of Balfour Beatty Investments, said: “Our appointment to deliver the student village development at Rusham Park demonstrates our ongoing success in the student accommodation market. We are well-placed to support Royal Holloway with their ambitions, providing an integrated design, build, finance and operations offering which will ensure the seamless delivery of this essential and sustainable project.”
Construction is expected to start soon after financial close in early 2022, with completion scheduled for September 2024.
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