The University of Hertfordshire and Uliving announced on May 29th that hey have reached financial close on the £190 million University of Hertfordshire accommodation PFI project.

Under the scheme, Uliving will be responsible for the design, build, finance and operation of new student accommodation totalling over 3,000 bedrooms, and the associated social spaces and infrastructure works.

Equity partners for the scheme are Meridiam Infrastructure Finance II (55%), Bouygues Development (13.3%), Centro Place Investments, a subsidiary of Derwent Living, (13.3%), University of Hertfordshire (13.3%) and Legal and General Assurance Society (5%).

Construction, which involves the development of over 2500 new bedrooms before September 2016, will be undertaken by Bouygues UK under a contract worth ca. £117 million.

Derwent Living will be responsible for the operation and facilities management elements of the contract for a total period of 50 years. This contract will be worth more than £200 million over the lifetime of the contract. Derwent Living will also refurbish the existing 500 bedrooms over the next three years

The project:

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

The scheme will be delivered in three phases with 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.

Each subsequent phase will be completed in time for the start of the following academic year with the entire scheme being completed in September 2016. Construction works will run alongside the existing accommodation units, which will be transferred to Uliving immediately and be in full operation throughout.