F+G in 'student village' PFI scheme

A Faithful+Gould PFI project for Sheffield University has reached financial close. The firm is doing due diligence on the £160m scheme to build and manage a "student village" for the university. The client is Catalyst Education, a consortium formed by Bovis Lend Lease and HSBC using finance provided from a bond issue guaranteed by Financial Security Assurance.

Bovis Lend Lease will handle construction under a design and build contract with Catalyst. After that Vita Lend Lease, part of the Bovis Lend Lease group, will provide hard maintenance services to the accommodation over 40 years. The university will continue to provide cleaning, catering and pastoral care services, and will market the accommodation to students on behalf of Catalyst.

Re-development will centre on the Endcliffe and Ranmoor sites in the west of Sheffield.

Work will last three years and splits into four phases. Construction kicked off in late 2005 under an early works agreement.

The project includes the refurbishment of 400 existing rooms, the demolition of some existing accommodation and the provision of residential apartment buildings comprising approximately 3,600 new rooms, plus social and welfare facilities for students.