Project Information
Project name: UK: University of Sussex East Slope Residences project
Project description:

Balfour Beatty will invest 80% equity (£23m) and will design, build, and operate the new residences for 50 years with the university acting as a co-shareholder investing 20% (circa £5.7m).

The project will provide bedrooms for 2,117 students, together with new student amenities and a Students’ Union building.

Balfour Beatty was appointed as preferred bidder for the project in January 2015 and has worked to secure detailed planning consent for the development. The first phase of additional accommodation is expected to be ready for the start of the 2018/19 academic year.

Balfour Beatty’s legal advisers were Osborne Clark and the financial advisers were Newbridge. Assured Guaranty guaranteed principal and interest payments on approximately £186m of bonds issued by East Slope Residencies PLC. The bond issuance raised approximately £197m. As a result of the guarantee, the bonds are rated AA by S&P Global Ratings. The underlying project is rated BBB.

HSBC was the bond lead manager and bookrunner. Assured Guaranty’s advisers were Norton Rose Fulbright, Gleeds, CBRE (demand adviser) and Aon. 

Related Headlines:

3 April 2017- FC for Sussex uni accommodation 

4/08/2016 - Sussex Uni accommodation approved

26 January 2015 - Winner for Sussex Uni PPP

26/11/2014 - Sussex Uni challenges planning block

18/10/2013 - Sussex uni seeks accommodation partner

Type: PPP
Sector: Education
Region: UK - - South East
Current status: Project Signed - 03/04/2017
Contract Terms
Duration: 50 years
Capital value: £150.00m
Public Sector Procuror Details
Authority/Commssioning body: University of Sussex
Public sector contact: University of Sussex
Procurement Office, Sussex House, Southern Ring Road, Falmer
For the attention of: S Cole, Head of Procurement
BN1 9RH Brighton
Telephone: +44 1273678143 / 873946
Fax: +44 1273877164
Public sector advisors: Pinsent Masons - Legal Advisors
Private Sector Details
Consortium name: Balfour Beatty
Private sector shareholders: Balfour Beatty - Shareholders
Private sector advisors: Norton Rose Fulbright - Legal Advisors
Gleeds - Technical Advisors
CBRE - Other Advisor
Aon - Other Advisor
Osborne Clarke - Legal Advisors
Newbridge Advisors - Financial Advisors
Private sector debt-providers: Assured Guaranty - Debt Providers
HSBC - Debt Providers
Private Sector Shortlist
Consortium name: Uliving
Private sector shareholders: Bouygues - Shareholders
Derwent Housing Association (Derwent Living) - Shareholders
Equitix - Shareholders
Operis - Financial Advisors

This page was last updated on:
7 April 2017.


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