No place they'd rather be...
Uliving is changing the face of student accommodation. Working with our university partners, we're setting a new standard.
We work alongside universities and investor partners as well as local authorities and communities to plan and build innovative new schemes, designed by outstanding architects and executed by a world leader in sustainable construction. We also purchase existing accommodation, implementing an extensive refurbishment program to improve the quality and energy performance of the buildings.
The years of experience and unrivalled knowledge of the sector that we have means that we are comfortable taking the development risk, securing the capital to finance the project, guarantee its delivery and take the demand risk that students will want live there for the long-term future.
On Campus Partnership Approach
Having successfully worked in partnership with multiple universities on long term projects, we have a demonstrable track record of providing excellent accommodation which meets the specific needs of our university partners and the students. Our design, build, finance, and operational model works effectively when tailoring the approach to deliver successful schemes for the entire life cycle.
Our extensive facilities management resources are then brought into play to maintain, repair, and operate the accommodation to ensure that students receive the highest level of service. Research indicates that students who drop out of university seldom do so for purely academic reasons. We believe that creating exceptional social spaces where students can live, work, and create new experiences will benefit us all.
Direct Let (Off campus PBSA)
In 2018, we formed a joint venture with Harrison Street, a leading global investment management firm focusing exclusively on real assets, to develop and invest in direct let student accommodation in UK cities. Altura, a 435 bed Birmingham City centre scheme with a GDV of £41.5m, was the first project to be developed within this partnership. Riverside Student Quarter located in Canterbury is due to complete ahead of the 2021/22 academic year and this will add an additional 491 beds to the portfolio.
The Uliving model
The Uliving contractual framework is based around a robust partnership model, backed by our considerable financial standing.
The expenditure and risk are transferred to Uliving, while the partnership enables universities to release capital to re-invest into academic facilities.
Here's an overview of how the partnership works:
The structure is based on a lease and leaseback arrrangement; utilising project finance funding.
Uliving will set up a new project company with the sole purpose to design, build, finance and operate student accommodation.
The university will grant a leasehold interest in the land (or existing halls) for development for 50 years.
Uliving will pay the university a lease premium ('capital receipt') in consideration for the leasehold interest.
Uliving will fund the project with capital provided by our finance partners (which can include the university).
Uliving will guarantee the delivery of the construction based on a maximum price and completion date through a construction contract with Bouygues.
On Practical Completion the university will enter into a sub-lease: marketing, allocating and renting the rooms. The rent is paid to Uliving.
Uliving will deliver the highest level of services to the student residents during the lease period through a facilities management contract with Derwent Living.