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Vinci's Exeter Uni scheme reaches financial close

Work is set to begin on a £140m University of Exeter development, which will be delivered by Vinci.

The University Partnerships Programme (UPP), a provider of on-campus residential and academic accommodation infrastructure, will design, build, fund and operate 1,182 bedrooms on the university’s Streatham Campus.

It has appointed Vinci to deliver the East Park project, which has a construction value of £91m.

UPP announced yesterday that financial close has been reached.

Construction is scheduled to commence this month, with the rooms set to become operational over two phases in September 2020 and September 2021.

Mike Shore-Nye, registrar and secretary at the university, said: “East Park is a very exciting new project for the University of Exeter, which will enhance our facilities and increase the number of on-campus bedrooms we have available for future students.

“Reaching financial close is a key milestone for the project and we look forward to seeing the construction phase commence in the very near future.”

The investment includes £125.1m of index-linked debt financing with a tenor of around 48 years from Pension Insurance Corporation plc, a specialist insurer of defined benefit pension funds, and £14.6m of subordinated debt and equity provided by UPP Group and its shareholders.

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