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.

MoneyWeek

Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Get 6 issues free

https://cdn.mos.cms.futurecdn.net/flexiimages/mw70aro6gl1676370748.jpg

Sign up to Money Morning

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

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.

MoneyWeek is written by a team of experienced and award-winning journalists, plus expert columnists. As well as daily digital news and features, MoneyWeek also publishes a weekly magazine, covering investing and personal finance. From share tips, pensions, gold to practical investment tips - we provide a round-up to help you make money and keep it.