Balfour Beatty preferred bidder for university accommodation project

Infrastructure company Balfour Beatty on Monday said it has been appointed as the preferred bidder for a 45m-pound student accommodation project at Aberystwyth University on the Welsh coast.

The project involves a 32-year concession contract for the design, build and maintenance of student accommodation facilities for the university.

Located adjacent to the university's main campus, it will provide accommodation for 1,000 students along with learning and communal facilities.

The FTSE 250 company will invest 10% of the required equity in the project, which is expected to reach financial close by mid-year.

"We are delighted to have been selected as preferred bidder for this long-term contract in the student accommodation sector, our second success in this area in five months," Chief Executive Officer Designate, Andrew McNaughton, said:

"We look forward to working with the local supply chain to deliver this project."

Balfour Beatty currently has more than £120m worth of build contracts for UK study accommodation including a £110m project for the University of Edinburgh.

Shares rose 0.30% to 271.40p at 08:24 Monday.

RD