Quayle Munro is pleased to announce that it has advised Exeter University on its successful £133 million deal with UPP to increase the amount of on-campus residential accommodation available to students. The project will involve UPP designing, financing and operating new residential accommodation at three locations on the University of Exeter’s Streatham Campus and forms part of the University’s £450 million strategic investment programme.  Barclays Capital and RBS will provide the £112 million of senior debt. King Sturge provided property advice and Michelmores provided legal advice to the University.

The value of the construction contract is £77 million and will involve the transfer of 980 rooms. Construction will take place over three years from financial close, with the final phase due for completion in 2012/2013. In addition the transaction will generate a capital receipt for the University of Exeter for investment in the provision of its core teaching and research functions.

Stephen Bell, Director, Quayle Munro, commented:
“We are delighted to be working with Exeter University on the transaction with UPP.  We have extensive experience in this field and are pleased to be able to use our expertise to aid the development of this project”

Jeremy Lindley, Director of Corporate Services at the University of Exeter, said:
“The deal with UPP is critical to the University’s future development because we require extra student accommodation if we are to expand and develop in the years ahead. UPP are providing very high quality units, which is what the market wants, so this development will help to enhance the offer we make to students. The work also complements other developments which are underway to expand our Bioscience and Business schools and provide a new student services building in the centre of our Streatham Campus. Quayle Munro was financial advisor to the University on the transaction”

Carol McCormack OBE, Partner and head of Projects at Michelmores, said:
“The Michelmores team is delighted to have supported the University in this important project”