Balfour Beatty has been selected as the preferred bidder for the University of Sussex’s £120m East Slope Residences student accommodation project.
The infrastructure group will team-up with the university to design, build, finance and operate East Slope Residences under a 50-year deal.
Balfour Beatty Group CEO Leo Quinn said: "Following the revaluation of the portfolio last week, this project demonstrates the continued value our investments business brings to the whole group.
"We look forward to supporting the university with their growth ambitions and delivering on their sustainability targets."
The accommodation project, which is yet to receive planning approval, will replace the existing 600-bed facility with a new living space holding 2,000 new bedrooms in a range of layouts, such as townhouses and ensuite facilities.
Work would be carried out by Balfour Beatty’s UK construction services business and is expected to commence in 2016.
The project also involves building innovative student amenities, including social hubs and a new student union.
Balfour Beatty’s investment business has a student accommodation portfolio of 15 projects to date across the UK, US and Australia, including this latest East Slope Residences.
Image: University of Sussex’s East Slope Residences. Photo: courtesy of the University of Sussex.