THE Infrastructure & Projects team at Scottish law firm Harper Macleod has helped bring a “groundbreaking” £57 million student accommodation project to close.
A new student village is being created at the University of Gloucestershire, funded by bonds guaranteed by Her Majesty’s Treasury through the Infrastructure and Projects Authority.
Chancellor George Osborne said the UK guarantees scheme will “help kickstart other exciting infrastructure projects like this one right across the country”.
The village will include a gym, dining hall, faith room, students’ union office and over 1000sqm of office space for university staff. Almost 600 new student rooms are being constructed and over 200 existing ones are being refurbished.
Uliving, the company created by housing association Derwent Living and Bouygues Development, teamed up with infrastructure developer and fund manager Equitix to provide the equity.
Harper Macleod’s Infrastructure & Projects team, led in the transaction by Partner Euan Mitchell who advised on the facilities management element of the deal, said, “We’re delighted to have played a part in such a high-profile project which will deliver first class facilities to the university’s students. This is the third Uliving scheme in which we have acted and it takes advantage of innovative funding solutions that allow such complex redevelopment projects to take place.”
The new Pittville village is set to be completed in time for the start of the 2017/18 academic year.