The University of Manchester and Abu Dhabi-based investment and development company, Mubadala Development Company, have announced an investment of approximately £175m to develop a three-phase student village on the Owens Park site on the University’s Fallowfield Campus.
The vision for the student residences in Fallowfield will see 3,000 modern, high-quality units created by replacing the existing properties, including demolition of the Owens Park Tower. Pricing of the units will be competitive for students, and include access to facilities in a new Student Hub, with the University continuing to provide personal and welfare support.
The first phase of units are expected to be ready for the 2018/2019 academic year, subject to finalisation of development plans and planning consents, with lettings managed by The University of Manchester’s accommodation office.
The opportunity for Mubadala to invest in the Fallowfield project builds on the relationship established with Masdar, the Abu Dhabi-based clean technology and renewable energy company wholly owned by Mubadala. Masdar is partially funding the development of the Manchester Graphene Engineering & Innovation Centre, and is establishing joint graphene application research and fellowship programmes with the University.
President and Vice-Chancellor of The University of Manchester, Professor Dame Nancy Rothwell, said: “This represents an outstanding opportunity for The University of Manchester. This significant investment by Mubadala will allow our students to enjoy some of the best living and learning facilities in the country, and forms part of our ten-year capital expenditure programme to improve and evolve facilities at the University.”
Ali Eid AlMheiri, Executive Director of Mubadala’s real estate and infrastructure unit, said: “I am delighted that we are able to invest in this project, which will improve infrastructure and facilities on the Fallowfield campus.” He added: “It also allows Mubadala to further build on our existing portfolio of education projects including UAE University, Paris Sorbonne University and Zayed University in Abu Dhabi. We are confident that, in partnership with The University of Manchester, our investment will provide the next generation of accommodation and facilities.”