Friday 25th April 2008
Bank of Scotland Corporate has agreed funding of £219m for the redevelopment of Aston University's student accommodation in Birmingham.
The development, which is being backed by the Bank's Housing Finance team, will see the complete regeneration of Aston University's student accommodation as part of the 'Aston Triangle' masterplan, which is schedule to complete by 2014. Funding will be provided to Aston Student Villages Limited, a charitable organisation created by the University, Bank of Scotland Corporate and Operon Ltd, the facilities management provider who will manage and maintain the halls.
More than 2,300 state-of-the-art student halls will be built on campus, initially on a University car park, and then on the site of Aston's existing student residence residences, which will be replaced from 2010. Planning approval for the full scheme was granted at the end of July 2007.
That will take the number of ensuite student bedrooms on campus to over 3,000, enabling the University to continue to offer accommodation to all first years and international students, and to increase the number of rooms available to final years – even in a period of projected growth in numbers.
The development will enhance the campus, which currently features an ornamental lake and a modern block of residences, and will also include shops, sports pitches and an underground car park.
The design of the halls provides a barrier to roads surrounding the site with access from the centre of the campus creating a more secure environment for students. The project has been planned with security and environmental sustainability as priorities.
Ken McCracken, Director of Bank of Scotland Corporate's Housing Finance team, commented, "We are delighted to be supporting Aston Student Villages and the University in this key project, which will provide state of the art accommodation for the University's students in a secure campus environment. This transaction is the fifth such deal we have funded and the largest to date, confirming our continued appetite in the Student Accommodation sector."
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.’
Bank of Scotland was advised by Berwin Leighton Paisner LLP.
Notes to editors:
Bank of Scotland Corporate,part of HBOS plc, has a reputation for excellence in the provision of corporate finance, delivering innovative funding solutions across a range of markets. A leading debt provider to the social and affordable housing sector, Bank of Scotland Corporate’s Housing Finance team manages a portfolio in excess of £5bn, giving it the necessary strength and resources to expand its commitment to the sector. The 20 team members have a wealth of experience of social housing, student accommodation and private/mixed tenure housing sector property projects and are active in the fast-developing area of housing PFI projects. Having provided continuous support for affordable housing for over 20 years, the team is able to provide clients with a complete funding solution. Bank of Scotland Corporate employs around 9,000 employees. Total lending at December 2007 stood at £109.3 billion.
AstonUniversityis a Top 15 UK university with strengths in Business, Engineering, Health Sciences, Languages and Social Sciences. Aston is best known for its unrivalled graduate recruitment record, its professionally and vocationally oriented degree courses, and its sandwich years. The campus is located in the centre of Birmingham, just five minutes walk from the city centre. Aston was founded in 1895 and received its University Charter in 1966.
