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.

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

Recommended

Broker safety – your questions answered
Investment strategy

Broker safety – your questions answered

Cris Sholto Heaton answers more of your questions about the safety of stockbroker accounts
25 Mar 2020
How demographics affects stock valuations
Investment strategy

How demographics affects stock valuations

New research suggests that stock and bond valuations are driven by the age of the population – at least in the US.
24 Feb 2020
Do you own shares in Sirius Minerals? Here’s what you need to do now
Stocks and shares

Do you own shares in Sirius Minerals? Here’s what you need to do now

Mining giant Anglo American has proposed a cash takeover of Yorkshire-based minnow Sirius Minerals. Unhappy shareholders must decide whether to accept…
20 Feb 2020
Why investors should be “cautiously bullish” for 2020
Stockmarkets

Why investors should be “cautiously bullish” for 2020

Analysts have been out in force making rosy predictions for stockmarkets in 2020, but while there is certainly a case for optimism, investors should r…
17 Jan 2020

Most Popular

Will a second wave of Covid lead to another stockmarket crash?
Stockmarkets

Will a second wave of Covid lead to another stockmarket crash?

Can we expect to see another lockdown like in March, and what will that mean for your money? John Stepek explains.
18 Sep 2020
Here’s why you really should own at least some bitcoin
Bitcoin

Here’s why you really should own at least some bitcoin

While bitcoin is having a quiet year – at least in relative terms – its potential to become the default cash system for the internet is undiminished, …
16 Sep 2020
James Ferguson: How bad data is driving fear of a second wave of Covid-19
UK Economy

James Ferguson: How bad data is driving fear of a second wave of Covid-19

Merryn and John talk to MoneyWeek regular James Ferguson about the rise in infections in coronavirus and what the data is really telling us.
17 Sep 2020