Balfour Beatty to Develop $200 Million Student Housing in TexasNatasha Doff
Balfour Beatty Plc, the U.K.’s largest construction group, won a 125 million-pound ($200 million) contract to develop student housing on the main campus of the Texas A&M University System.
The development in College Station, Texas, will incorporate about 4,000 beds in apartments and residence halls and will house dining services and other amenities, the London-based company said in a statement today. Details of the contract will be finalized in the coming months.
“We have identified student accommodation as a key growth area for us and we are excited about the opportunities in this growing market, both in the U.K. and U.S.,” Chief Executive Officer Andrew McNaughton said in the statement.
The company, which has about 50,000 employees and generates half of its revenue in the U.K., is seeing an increase in orders, particularly in the U.S., as construction picks up amid an improving economy. Today’s contract is the company’s sixth student-accommodation project in the U.S. and 10th globally.
The shares rose 0.1 percent to 284.30 pence at 10:15 a.m. in London, giving the company a market value of 1.96 billion pounds.