University Partnerships Programme (UPP) has invested £43m (€50.4m) to buy 411 rooms at Swansea University Bay Campus.

The UK provider of on-campus residential and academic accommodation infrastructure has acquired St. Modwen’s interests in a purpose-built student accommodation building at Swansea University Bay Campus for £38m.

UPP said this latest acquisition includes £38.7m of debt financing from Aberdeen Standard Investments. UPP Group Holdings and its shareholders will invest £4.7m of subordinated debt and equity.

The deal takes the number of rooms operated by UPP on the Bay Campus to 2,432 and boosts UPP’s portfolio of over 35,000 rooms in operation or under construction through long-term partnerships with 15 leading UK universities.

Richard Bienfait, CEO at UPP, said: “This latest transaction is a testament to the strength of our long- term partnership with Swansea University.

“Through the partnership, first formed in 2018, we are helping to support and facilitate the University’s ambitious plans and long-term vision to enhance its position as a world-class educational establishment for the benefit of students, staff and the local community for generations to come.”

Andrew Rhodes, Swansea University’s registrar and COO, said: “Swansea University is committed to providing first-class learning, living and social facilities so that we can offer a truly transformational campus student experience combined with a global outlook.

“Our long-term partnership with UPP continues to provide high-quality accommodation for our students.”

Alex Campbell, investment director at Aberdeen Standard Investments, said: “We are pleased to partner with UPP to finance this project and to support Swansea University’s ongoing success.

“The investment provides index-linked cashflows, which are attractive to the participating insurance and pension funds and can help to match their long- term liabilities.”