A consortium of Equitix and ENGIE has been selected as the preferred bidder for a student accommodation project at Kingston University, located in south-west London, UK. The total estimated investment of the project is GBP195 million (US$253.8 million).
Named ‘The Residences Project’, this development will see the refurbishment of the University’s Kingston Hill and Seething Wells halls of residence. The project will comprise 1,332 new student bedrooms, thereby increasing the overall number of bedrooms at these sites by 116.
The Design-Build-Finance-Operate contract will see ENGIE provide an initial GBP55 million (US$71.6 million) redesign and refurbishment of existing student accommodation, followed by a 50-year facilities management and lifecycle contract worth a further GBP140 million (US$182.2 million). ENGIE will be supported by Fresh Student Living who will provide front of house services.
ENGIE has confirmed refurbishment and building work is likely to commence in June 2019, with an anticipated completion date of August 2021. Financial close is scheduled for 2019.
DWPF is providing financial advice and modelling services to the consortium.