Interserve Share News (IRV)

LONDON (Alliance News) - Interserve PLC said on Friday it has won the right to work on a GBP105 million project for Durham University, known as Mount Oswald.

The construction and support services company won the project as part of a consortium, made up of it, asset management firm Equitix Ltd and on-campus student accommodation developer and operator Campus Living Villages UK.

The project will involve the building, financing and operation of two new college facilities on a 51-year concession. The project will mark the first new Durham University college to be founded in the city since 2006, Interserve said.

Interserve will design and build the facilities, which consists of 1,000 bed spaces, and a new University hub building with a 300-seat banquet hall, sports and music facilities.

Work is expected to begin soon and completion is scheduled for 2020.

"We are delighted to have reached financial close on this project and look forward to starting on site imminently. This project builds on our extensive experience in the further education sector and our strong 15-year relationship with Durham University," said Chief Executive Debbie White.

"Through our understanding and expertise in delivering market leading education projects, we are proud to be supporting Durham University to realise their University Strategy 2017-2027 by delivering these world-class facilities," White added.