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.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
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.
IHT receipts approach record year – will the tax be reformed?
News The Treasury is set to take £7.6 billion from inheritance tax payments this financial year amid rumours of reform in the Spring Budget
By Marc Shoffman Published
Stocks and shares ISAs beat cash ISAs despite rising interest rates
Exclusive analysis for MoneyWeek shows that the stock market beat cash ISAs last year - and when inflation is factored in, cash savers actually made a loss. We run through the figures.
By Ruth Emery Published