Interserve Share News (IRV)

(Sharecast News) - Durham University has confirmed a £105m contract to build two new colleges to a consortium led by support services and construction group Interserve. The scheme will see two new colleges built to the south of the city at Mount Oswald, due to open in 2020, with halls to house 1,000 students, a 300-seat eating hall, as well as sports and music facilities.Durham, which said it was part of a plan to deliver "world-class" research, education and a wider student experience, had announced the Interserve-led consortium as the preferred bidder for the project in October last year.The consortium, made up of Interserve, asset management firm Equitix and on-campus student accommodation developer and operator Campus Living Villages UK, would design, build, finance and operate two new college facilities on a 51-year concession.The project would mark the first new Durham University college to be founded in the city since 2006.The project would mark the continuing of a 15-year relationship between the university and Interserve, the company explained, with the facilities being built on a university-acquired site just to the south of the city."We are delighted to have reached financial close on this project and look forward to starting on site imminently," said Interserve chief executive Debbie White."This project builds on our extensive experience in the further education sector and our strong 15-year relationship with Durham University."Durham University vice-chancellor Professor Stuart Corbridge, said: "The development of two college facilities at Mount Oswald, including one brand new college and a purpose-built new home for our John Snow College, is a key project in delivering a wider student experience as good as anywhere in the world."