Balfour Beatty to Build $122 Million Student Residence in U.K.
Balfour Beatty Plc (BBY), the U.K.’s largest construction company, won an 80 million-pound ($122 million) contract to build student accommodation in London.
Construction of the 19-story, 1,092-bedroom residence will start this summer, the London-based company said in a statement today. Balfour Beatty has already worked on four real estate projects in the U.K. capital totaling 100 million pounds with the client, Urbanest.
“The dynamic student accommodation market is a key growth area for Balfour Beatty around the world,” Chief Executive Officer Andrew McNaughton said in the statement.
Balfour Beatty said July 11 that orders are rising in the U.S. and that it expects to recoup first-half losses in the U.K. construction business in the second half.
The new student housing project, located on Westminster Bridge Road, will employ as many as 500 people and is forecast to open for the 2015 academic year.
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