Salford University has signed an £81m deal for a major student accommodation development at its Peel Park campus.
Salford Village Limited will build and manage accommodation for 1,367 students as part of the university's wider campus development.
Salford Village Limited is a consortium comprising student accommodation specialist Campus Living Villages, construction firm Graham Construction and investors Equitix and Kier Project Investment. The consortium was announced as preferred bidder in March.
Graham Construction is due to start work on site this month.
Campus Living Villages, Equitix, Kier Project Investment and Graham Investment Projects will jointly invest and develop the property, alongside project finance from Standard Life Investments.
The consortium was advised by law firm Osborne Clarke. Once complete, Campus Living Villages will manage the accommodation and welcome its first residents for the academic year 2015/16.
Campus Living Villages is the incumbent provider of student accommodation at Salford University and has been operating residences John Lester, Eddie Colman and Bramall Court since 2008.
The accommodation had been designed to provide sustainable student living with a BREEAM Excellent rating, alongside the best in student community living with generous reception area, social spaces – including TV and games room, gym, group study lounges, demonstration and private dining kitchen, launderette and a cinema room.
Sean McKeown, commercial director at Campus Living Villages, said: "We are delighted that this project has reached financial close with the university. The new accommodation at the university's Peel Park Campus will provide modern student living within a green on-campus environment.
"Campus Living Village's sole business is student accommodation and as a global provider we have a highly experienced team that understands how to deliver the best in student residences to a highly international market. We look forward to strengthening our partnership with the University of Salford to continue to enhance the student experience for our customers."
Professor Martin Hall, vice-chancellor of the University of Salford, said: "Our new student accommodation will, alongside our other major investments, create a studying and living environment which will be second to none.
"Set next to the historical Peel Park and within walking distance to the centre of the vibrant city of Manchester, students will be catered for like never before."