UPP Raises £190 million

The University Partnerships Programme (UPP), the country’s leading university partner in student accommodation, today announced that it has raised £190 million and re-financed nine university projects, operated by UPP with four of its university partners.
The funds raised include £120 million from Dexia and £70 million from Barclays. Both have funded UPP projects in the past and have now signalled their continuing support for this successful niche of the commercial property market.
The nine projects that have been refinanced are operated by UPP in partnership with the University of Plymouth, Nottingham Trent University, University of Reading and Oxford Brookes University.
Sean O’Shea, managing director of UPP, comments: “Despite the talk of the credit crunch, banks are clearly still open for business when the opportunity makes sense. It adds to the £1 billion in financing that is already available to our business, with our stated goal of reaching £2 billion of total investment by 2010.
“Our pipeline of future business is also looking extremely positive and this transaction gives us the confidence that university infrastructure assets are an attractive sector for the banking market.”
The transaction also marks the final phase of a major corporate restructuring programme for UPP, which sees the creation of UPP Group Limited.
Sean O’Shea continues: “The restructuring has seen a rationalisation and focusing of our business that will greatly benefit our university partners. It was an integral part of our business plan and provides a solid platform for building towards our strategic goals.
“The process may have been complex but the outcome is enormously positive. We are now well placed to drive investment in high-quality student accommodation, working in close partnership with the higher education sector, for the years to come.”