The development, which is being backed by the Bank's Housing Finance team, will see the complete regeneration of Aston University's student accommodation as part of the 'Aston Triangle' masterplan, which is scheduled to be complete by 2014. Funding will be provided to Aston Student Villages Limited, a charitable organisation created by the University, Bank of Scotland Corporate and Operon Ltd, the facilities management provider who will manage and maintain the halls.
More than 2,300 state-of-the-art student halls will be built on campus, initially on a University car park, and then on the site of Aston's existing student residence residences, which will be replaced from 2010. Planning approval for the full scheme was granted at the end of July 2007.
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That will take the number of ensuite student bedrooms on campus to over 3,000, enabling the University to continue to offer accommodation to all first years and international students, and to increase the number of rooms available to final years - even in a period of projected growth in numbers.
The development will enhance the campus, which currently features an ornamental lake and a modern block of residences, and will also include shops, sports pitches and an underground car park.
The design of the halls provides a barrier to roads surrounding the site with access from the centre of the campus creating a more secure environment for students. The project has been planned with security and environmental sustainability as priorities.
Ken McCracken, Director of Bank of Scotland Corporate's Housing Finance team, commented: "We are delighted to be supporting Aston Student Villages and the University in this key project, which will provide state of the art accommodation for the University's students in a secure campus environment. This transaction is the fifth such deal we have funded and the largest to date, confirming our continued appetite in the Student Accommodation sector."
Professor Julia King, Vice-Chancellor, said: "Student satisfaction is of paramount importance to us. We strive to provide an excellent student experience at all times. This project enables us to offer improved accommodation and new facilities, right in the centre of an exciting city. It is a very important development for Aston."
Bank of Scotland was advised by Berwin Leighton Paisner LLP.
(GK/JM)
