20th Jun 2014 06:31
LONDON (Alliance News) - Balfour Beatty PLC Friday said it has reached financial close for phase one of the Texas A&M University student accommodation project valued at USD104 million.
Phase one of the development at College Station, Texas will feature 1,274 beds configured in apartment designs, as well as community areas and other amenities for the university's undergraduate population.
This is the first phase of a two-phase project with an estimated combined value of USD200 million.
Construction of phase one will commence immediately, with the first students expected to move in during August 2015. Negotiations on the second phase are expected to be concluded later this year.
Balfour Beatty said it is integrating its design, construction and investment arms to deliver the project. The investment business will earn a development fee for its participation, while its US construction services business will provide design and build services.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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