Themen:
Media Release
December 16, 2024
UPP Group Holdings Limited (UPP), the leading provider of on-campus student accommodation infrastructure in the UK, has completed the financing of a new £110m sustainability-linked corporate revolving credit facility (RCF) with Deutsche Bank.
The RCF is UPP’s inaugural sustainability-linked financing and builds on the company’s ongoing commitment to sustainability. The facility incorporates KPIs in respect of carbon reduction, water consumption reduction and increased biodiversity net gain across UPP’s c.35,000 room portfolio. This means that the cost of funding is directly linked to UPP achieving its ambitious sustainability goals.
Deutsche Bank is active in supporting its clients raise sustainable finance, having set a Euro 500 billion aggregate target by 2025. It has led on nature topics through for example its establishment of the first external expert led Nature Advisory Panel, its commitment as the first bank to join ORRAA, and overall efforts to include nature into its sustainable finance product offering.
UPP Chief Investment Officer Simon Boorne said “I’m delighted to have completed this financing that is integral to furthering UPP’s growth ambitions sustainably. This marks our first sustainability-linked financing, which reinforces our corporate commitment to enhancing the sustainability of our existing portfolio and to deliver new accommodation schemes that will have sustainable development as a key tenet of the transaction.”
Dmitry Buyanovsky (Vice President, FIC Rates, CSS ICE) said: “We are delighted to have been able to provide UPP with this Sustainability-Linked Loan. This transaction showcases Deutsche Bank’s presence in the market and growing footprint working with public institutions.”
Oyumaa de Jong (Vice President, ESG Solutions, FIC) said: “One of UPP’s ESG targets is focused on delivering on the UK’s new Biodiversity Net Gain regulation, which is one of the first of its kind. UPP is exceeding BNG: instead of focusing purely on new housing developments, they intend to increase biodiversity across their entire portfolio.”
Notes to Editors
About UPP
UPP is the leading provider of on-campus student accommodation infrastructure and support services in the UK.
We establish bespoke long-term partnerships with world leading universities, providing each one with the opportunity to create the very best in student experiences, through the delivery of residential and academic infrastructure and specialist support services. We design and develop high-quality, affordable student accommodation on-campus and have over 33,000 rooms under management or in construction through long-term partnerships with 15 of the UK’s most successful universities.
Our innovative approach to partnership means we are the largest provider of on-campus infrastructure in the UK and we employ around 1000 people.
With over 25 years of experience operating in the sector and having invested over £3.5bn, UPP has a strong track record of delivering next generation campuses at scale. The £110m RCF will provide access to corporate liquidity and help facilitate UPP’s further growth ambitions as it continues to target sustainable development with both existing and new partners. UPP currently has two schemes at Preferred Bidder stage with the University of Exeter and the University of Durham, and several potential new bid opportunities in the pipeline to pursue.
About Deutsche Bank
Deutsche Bank provides retail and private banking, corporate and transaction banking, lending, asset and wealth management products and services as well as focused investment banking to private individuals, small and medium-sized companies, corporations, governments and institutional investors. Deutsche Bank is the leading bank in Germany with strong European roots and a global network.
For more information please contact:
Deutsche Bank AG Media Relations
Jo Court
Phone: +44 (0) 7879 272651
Email: joanne.court@db.com
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