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Derwent FM in new £200m+ student accommodation deal

07 June 2013

Uliving, the consortium made up of Bouygues Development and Derwent FM’s parent company, Derwent Living, has reached financial close for the 3,000 bed project at the University of Hertfordshire to deliver its new student accommodation scheme

The scheme will see Derwent FM, along with its student accommodation division Derwent Students, provide facilities management services for the next 50 years in a deal worth more than £200m.

Located at the College Lane campus in Hatfield, the project is part of the University’s vision to create a fully inclusive living and learning environment to significantly enhance students’ lives.

Derwent FM will provide estates maintenance, life cycle maintenance, grounds, cleaning and waste management, manned security, utilities management, IT, car parking, conferencing and helpdesk.

Martin Corbett, managing director of Derwent FM and director of residential services of Uliving, said: “We are delighted to have reached financial close for this major scheme. We are looking forward to delivering our services and working in true long term partnership with the University and Student Union to enhance the student experience.”

The University has transferred around 1,500 of its existing residences to Uliving of which approximately 1,000 will be demolished, with a further 2,511 new units being built by Bouygues UK. Both the demolition and new build work will be delivered in three stages and completed by September 2016. The first phase due to commence immediately and is scheduled to be completed in September 2014 in readiness for the start of the new 2014/2015 academic year.

The scheme will also provide new sports pitches, a campus gym, informal learning and social spaces and a new dedicated bus route. The new units will achieve true zero carbon accreditation and meet BREEAM Outstanding status.

Uliving has secured funding to deliver the multi-million pound project, which will be provided through an index linked private bond, a first for the UK student accommodation sector. Equity partners in the scheme are Centro Place Investments – part of the Derwent Living group, Meridiam Infrastructure Finance II, Bouygues Development, University of Hertfordshire and Legal and General Assurance Society.

The consortium was appointed preferred bidder in July 2012.

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