Barclays to sell UPP to Chinese

Gingko Tree Investment is understood to be planning to buy the 40% share in UPP in a deal worth £550m.

The news follows Barclays’ sale of the other 60% stake in UPP earlier this month to Dutch pension fund administrator PGGM’s Infrastructure Fund 2010, for an undisclosed fee.

It sees the end of Barclays Infrastructure Funds Management’s involvement in the contractor, which is at the forefront of the UK’s university accommodation building sector.

Student accommodation has remained relatively buoyant in recent years despite the downturn in other construction sectors, as universities compete to attract more students.