The joint venture known as Uliving will be responsible for the design, build, finance and operation of new student accommodation totalling over 3,000 bedrooms, and infrastructure works at the College Lane campus in Hatfield.

It is being funded by innovative long term project bond financing from Meridiam Infrastructure Finance II, a first-of-its kind in Europe that paves the way for the development of project bonds.

Bouygues will manage the development and construction management of the project, Derwent Living the operation and facilities management elements of the contract for 50 years.

Derwent Living’s provision of asset management and facilities management services for the new and existing units will be worth more than £200m over the lifetime of the contract.

It will also refurbish an existing 500 bedrooms over the next three years.

The scheme is to be delivered in three phases with the first due to commence immediately and is scheduled to be completed in September 2014 in readiness for the start of the new 2014/2015 academic year.

Each subsequent phase will be completed in time for the start of the following academic year with the entire scheme being completed in September 2016.

The scheme also includes new sports pitches, a campus gym, informal learning and social spaces and a new dedicated bus route.

The new buildings will achieve a ‘True’ Zero Carbon accreditation and meet BREEAM Outstanding requirements under the 2011 regulations.