LONDON (SHARECAST) - Balfour Beatty, the infrastructure group, has been appointed preferred bidder for the University of Edinburgh's post-graduate student accommodation project.
The 50-year concession contract, worth £110m, involves the design, build and maintenance of student accommodation facilities for 1,160 students, as well as an out-reach centre which will become the focal point for the University's “community-based” teaching activities.
Balfour Beatty will invest 100% of the required equity in the project, which is expected to reach financial close in spring 2013.
Ian Tyler, Balfour Beatty’s Chief Executive said: “We have worked with the University of Edinburgh on numerous projects over the past 18 years and look forward to supporting them in realising their long-term aspirations to enhance the postgraduate student experience."
Balfour Beatty’s share price had risen 0.6% just after the open.