Aviva Commercial Finance has provided 拢184 mln (EUR 221 mln) of senior debt to Universities Partnership Programme (UPP) for a student accommodation project at the University of Reading in the UK.
Aviva Commercial Finance has provided 拢184 mln (EUR 221 mln) of senior debt to Universities Partnership Programme (UPP) for a student accommodation project at the University of Reading in the UK.
The project is a long-term partnership for the operation and management of Reading's student accommodation with UPP, a UK provider of campus infrastructure and residential management services.
The University will enter into a long-term project agreement with UPP, based on the standard form of contract for Private Finance Initiative projects. Under the terms of the agreement, UPP will manage 4,321 student bedrooms as well as the University accommodation office, in what is the largest single private sector residential investment into a UK university to date.
In addition to the 816 rooms that UPP already manage it will take over operation of 2,610 rooms of existing accommodation on 9 January 2012, followed by a further 898 rooms currently under construction at Childs Hall in summer 2012.
Mills and Reeve acted as legal advisers for Aviva Commercial Finance.
