Drees and Sommer UK is pleased to have advised Viridis Living, a consortium of Equitix and GRAHAM, on its landmark 50-year partnership with the University of Manchester to redevelop the University’s Fallowfield campus.

Drees and Sommer UK is pleased to have advised Viridis Living, a consortium of Equitix and GRAHAM, on its landmark 50-year partnership with the University of Manchester to redevelop the University’s Fallowfield campus.

The £530 million development will transform the University’s student accommodation offering, providing over 3,300 high-quality student bedrooms, together with modern social, study and wellbeing facilities designed to enhance the student experience. The project is expected to become the world’s largest single-phase Passivhaus-certified purpose-built student accommodation scheme, with operational energy demand circa 50% lower than conventional new build student accommodation. The redevelopment will be delivered in phases, with the first 1,000 rooms expected to open in 2028 and the full campus transformation to be completed in 2030.

John Graham Construction Limited will be responsible for the design and construction of the project, with facilities management services supplied jointly by the University and Places for People.

UK pension specialist Rothesay is providing senior debt financing which will sit alongside equity investment from Equitix, GRAHAM and the University.

Drees and Sommer UK acted advisor for Whole Life Cost and Utilities consumption to Viridis Living from the project’s competitive tender stage through to financial close. We are delighted to have been selected to work with the consortium and with long term client of the business Equitix.

James Ryan, Head of Real Estate at Drees and Sommer UK Commented “We are delighted to see the Viridis consortium reach financial close on this Project and it has been a pleasure to support them through the last two years. We have worked across the UK PPP Student Accommodation sector for some time, but this deal is a standout one thanks to its complexity, size and ambition that will truly transform the University of Manchester accommodation estate.”