Lend Lease has signed an agreement with Manor Property group to design and build 40,000 student accommodation units at 70 locations in England and Scotland, with the first tranche worth an estimated £240m.
The work is to be delivered by Lend Lease’s project management and construction business, with the first five sites to begin in 2013.
These first five sites comprise 3,500 units in Birmingham, Manchester, Leeds, Sheffield and Hull, with completion expected in 2015.
The two firms then plan to deliver additional sites comprising 36,500 units across the UK.
Lend Lease group chief executive Steve McCann said “We are very pleased to have secured this agreement with Manor Property Group, which leverages the core capability of Lend Lease’s project management and construction business in the UK student accommodation sector, and adds to our construction work.”
“We will continue to deliver third party work alongside our significant UK development pipeline.”