UPP secures £140m financing to expand Exeter campus

UPP U of E View From Window

Student accommodation developer University Partnerships Programme (UPP) has secured financial close on £139.7m funding to take on the largest extension of the University of Exeter’s Streatham Campus in nearly a decade.

The funding comprises of £125.1m of index-linked debt financing on a 48-year term from Pension Insurance Corporation and £14.6m of subordinated debt and equity raised with UPP’s REIT structure. The PIC financing takes the amount the specialist insurer of defined benefit pension funds has invested in UPP schemes to £530m.

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