24 April 2008 – for immediate release
Aston University has just completed on a new student residences deal after Bank of Scotland Corporate agreed funding of £215 million for the scheme.
Planning approval for the scheme was granted at the end of July 2007.
The development, which is being backed by the bank's Housing Finance team, will see the complete regeneration of the University's student accommodation as part of the 'Aston Triangle' masterplan, which is scheduled to complete by 2014.
2,400 new student rooms will be built on campus, with most of Aston's existing student residences being replaced as part of the scheme. There will eventually be over 3,000 ensuite student bedrooms on campus, enabling the University to continue to offer high quality accommodation to all first years and international students, and to increase the number of rooms available to final year students, who often find it valuable to live back on campus during their final year of study.
Guppy Dhariwal, Director of Finance at Aston University, said: ‘The residences project is a major platform for the University’s continued growth. Once completed the project will give Aston an enviable mix of outstanding accommodation and facilities, which, added to the high quality provision of teaching and research, will help to make the University even more attractive to prospective students.’
The new residences will be managed by the University’s residential services team, as per normal, and the facilities will be maintained by Operon Ltd, a specialist facilities management firm.
The environmentally sustainable development, being project managed by Emprima Ltd, will also include shops, sports facilities and an underground car park.
Professor Julia King, Vice-Chancellor, said: ‘Student satisfaction is of paramount importance to us. We strive to provide an excellent student experience at all times. This project enables us to offer improved accommodation and new facilities, right in the centre of an exciting city. It is a very important development for Aston.’
Geoffrey John, Pro-Chancellor, added: ‘The scale and nature of this project is testament to the ambition of the University. I am delighted that the months of planning and negotiations are at an end and we look forward to the completion of the project, when we will have transformed the Aston campus. The results will make all the hard work worthwhile.’
The transaction was put together by UK Structured Finance Ltd and the University was advised by Mills & Reeve LLP.
For further press information or to arrange an interview with Aston University staff please contact Sally Finn, Senior Press/PR Officer on 0121 204 4552 or Hannah Brookes, Press/PR Officer on 0121 204 4549.
Notes to editors:
• For regular updates on the new Residences Project visit www.aston.ac.uk.
• Bank of Scotland Corporate is part of HBOS plc and has a reputation for excellence in the provision of corporate finance, delivering innovative funding solutions across a range of markets and managing a portfolio in excess of £5bn.