PGGM Infrastructure Fund 2010 acquires majority stake in UPP

​PGGM Infrastructure Fund 2010 has acquired a 60 percent stake in UPP Group from funds managed by Barclays Infrastructure Funds Management (BIFM) for an undisclosed amount.

Press release

​UPP is the leading provider of on-campus student accommodation infrastructure and specialist asset management services to the UK Higher Education Sector. The company works in close partnerships with leading UK universities. The deal shows the confidence from long term institutional capital in the sector and partnership model. The cooperation between leading Dutch pension fund service provider PGGM and UPP provides an excellent basis for the company to further strengthen and grow its portfolio by providing a stable long term capital base.

Henk Huizing, Head of Infrastructure at PGGM,: “We are very pleased with this investment in UPP. The company has an excellent market position and we are supportive of its strategy. In addition, we support its partnership model with the public sector and look forward to long term mutual beneficial relationships. The deal is a good example of implementing the Fund’s direct investment strategy in stable social infrastructure sectors with a long term focus. Furthermore, the inflation linked, stable cash flows are an excellent match with our clients liabilities.”

Sean O’Shea, Chief Executive Officer of UPP said: “We are delighted to have closed this deal with PGGM Infrastructure Fund 2010 which underlines UPP’s successful on-going strategy for growth and investment across the Higher Education sector. This deal provides a strategic fit with our business model and provides a strong platform for future growth. We look forward to working with the PGGM Infrastructure Fund as we continue to grow the business, and invest in the UK Higher Education Sector.” 
0800hrs GMT 13 September 2012

About PGGM
PGGM is a leading Dutch pension fund service provider offering pension management, integrated asset management, management support and policy advice to its institutional clients. PGGM currently works on behalf of six pension funds, managing about €125 billion of pension assets of 2.5 million people. As a cooperative organisation, PGGM helps its over 570,000 members to secure a valuable future. PGGM works independently or with strategic partners to develop innovative future benefit solutions combining pensions, care, accommodation and employment.
About University Partnerships Programme (UPP)
University Partnerships Programme (UPP) is the trading name of UPP Group Holdings Ltd. and its subsidiaries. UPP specialises in funding, developing and operating student accommodation and campus infrastructure schemes as well as delivering asset management services. It has invested £1.4 billion in the Higher Education sector and plans to invest a further £1 billion over the next two years. UPP currently has a portfolio of 28,000 rooms in operation or development and a built out rent roll of £133m. UPP generated earnings before interest, tax, depreciation and amortisation of £46.0m for the financial year ending 2011/12E, and placed 9th in the 2011 Sunday Times Profit Track 100. Group turnover for financial year ending 2011/12E was £104m.

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