Plenary achieves financial close on Khalifa University Student Accommodation Project

Abu Dhabi, UAE – Plenary Group has achieved financial close on the largest student accommodation project in the GCC region to be developed under a public-private partnership (PPP), the Khalifa University Student Accommodation Project.

The project was awarded to the Plenary-led KUnnected Living consortium by the Abu Dhabi Investment Office (ADIO) in collaboration with Khalifa University of Science and Technology (Khalifa University) and financial close achieved on Wednesday 14 August.

The development includes a 23-year concession to design, build, finance and maintain 3,260 student rooms and communal facilities located across Khalifa University’s Main Campus and its Sas Al Nakhl (SAN) Campus.

The KUnnected Living consortium comprises

• Plenary Group as lead sponsor, financial and commercial arranger, 45% equity investor, facilities management provider, and SPV manager
• BESIX as co-sponsor and 45% equity investor and facilities management provider
• Mazrui International as 10% equity investor
• United Engineering Construction as contractor.

Plenary Group Chief Investment Officer Paul Crowe said Plenary was embracing the opportunity to deliver world-class student accommodation facilities in Abu Dhabi.

“It is an honour to be selected to deliver the largest on-campus student accommodation developments in the GCC region,” Mr Crowe said.

“We commend the Abu Dhabi Government on its impressive, continued program of infrastructure development and look forward to working in partnership with ADIO and Khalifa University of Science and Technology to deliver a world-class integrated precinct.”

The project is being implemented through Abu Dhabi’s Public Private Partnership Programme, which seeks to expand the role of the private sector in delivering major public sector infrastructure and services.

Major construction will commence shortly, and the project is due to be completed by the end of 2026.

It is Plenary’s second project success in the UAE, following the July 2022 award of the UAE’s first school infrastructure PPP, the Zayed City Schools Project.