17 Aug 2018 07:00
News Release
17th August 2018
INTERSERVE CONSORTIUM WIN £105M PROJECT
FOR DURHAM UNIVERSITY
Interserve, the international support services and construction group, and its consortium have reached financial close on a £105 million project for Durham University. The scheme - Mount Oswald - forms part of the University's strategy to deliver world-class research, education and a wider student experience. The Interserve-led consortium announced that it was preferred bidder for the project in October 2017.
The consortium, made up of Interserve, fund and asset management firm Equitix and on-campus student accommodation developer and operator, Campus Living Villages UK, will design, build, finance and operate 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 will be responsible for designing and building the two new college facilities - totalling 1,000 bed spaces - plus a feature new University hub building with 300-seat banquet hall, sports and music facilities. Work will commence shortly with the scheme due to be completed in 2020.
The project will mark the continuing of a 15-year relationship between the University and Interserve. The facilities are being built on a University-acquired site just to the south of the city.
Debbie White, Interserve's chief executive, said:
"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.
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".
Professor Stuart Corbridge, Vice-Chancellor at Durham University, said:
"Our ambitious University Strategy, 2017-2027 aims to ensure we continue to deliver world-class research, education and wider student experience. 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.
"We are pleased to have reached financial close and look forward to work beginning on site shortly."
Ends
For more information contact:
Ian Green, Media Relations Manager, Interserve 07740 513535
Legal identifier number: 549300MVYY4EZCRFHZ09
This announcement contains inside information
About Interserve
Interserve is one of the world's foremost support services and construction companies. Everything we do is shaped by our core values. We are a leader in innovative and sustainable outcomes for our clients and a great place to work for our people. We offer advice, design, construction, equipment, facilities management and frontline public services. Headquartered in the UK and FTSE listed, we have gross revenues of £3.7 billion and a workforce of circa 75,000 people worldwide.
Website: www.interserve.com
For Interserve news follow: @interservenews
For construction news follow: @IRVconstruction
About Durham University
· Durham is consistently ranked as one of the world's leading universities as shown by its World Top 100 position in two influential global league tables.
· In the QS World University Rankings 2019, the University is 74th. In the Times Higher Education (THE) World University Rankings 2018, Durham is ranked 97th.
· In national league tables, Durham is consistently recognised as one of the top universities in the UK. The University is ranked fifth in the Times and Sunday Times Good University Guide 2018, fifth in the Guardian University Guide 2019 and sixth in The Complete University Guide 2019.
· A member of the Russell Group of leading research-intensive UK universities. In the 2018 QS World University Subject Rankings Durham University achieved its best results to date with nine subjects in the top 50 and a total of 16 subjects in the top 100.
· Ranked in the top 40 globally for the employability of its students by blue-chip companies world-wide (QS World University Rankings 2019)