A KUnnected Living consortium, led by the Plenary Group has achieved financial close on the largest student accommodation project in the GCC region to be developed under a public-private partnership (PPP) in the UAE.
The Abu Dhabi Investment Office (ADIO) in collaboration with Khalifa University of Science and Technology (Khalifa University) awarded the project the Khalifa University Student Accommodation Project to KUnnected Living consortium.
The development includes a 23-year concession to design, build, finance and maintain 3,260 student rooms and communal facilities located across Khalifa University’s Main Campus and its Sas Al Nakhl (SAN) Campus.
Plenary Group is the lead sponsor, financial and commercial arranger, and owns a 45% equity stake in the consortium. It will manage the facilities and manage the project. The consortium’s co-sponsor is Belgian construction group, BESIX, which also holds 45% equity interest and will manage the facilities.
The remaining 10% is held by Mazrui International, a privately-held Abu-Dhabi based group diversified holding company, which owns real estate among its assets.
Plenary Group chief investment officer Paul Crowe said Plenary was embracing the opportunity to deliver world-class student accommodation facilities in Abu Dhabi.
“It is an honour to be selected to deliver the largest on-campus student accommodation development in the GCC region,” he said.
Crowe added that the Abu Dhabi Government has a continued programme of infrastructure development and said he looked forward to working in partnership with ADIO and Khalifa University of Science and Technology to deliver a world-class integrated precinct.
The project is being implemented through Abu Dhabi’s Public Private Partnership Programme, which seeks to expand the role of the private sector in delivering major public sector infrastructure and services.
Yaser Al Nuaimi, acting head, infrastructure partnerships at ADIO, said last month when the bid selection was completed that the Khalifa University accommodation project was a leading example of this type of project and that it is in line with the UAE’s desire to ensure that the private sector could play a significant role in strategic infrastructure projects that would create impact and value across the emirate.
Major construction, undertaken by United Engineering Construction, will commence shortly, and the project is due to be completed by the end of 2026.
It is Plenary’s second project success in the UAE, following the July 2022 award of the UAE’s first school infrastructure PPP, the Zayed City Schools Project.
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