WESTMINSTER University has released details of plans to privatise its Pounds 28 million student housing estate. The university hopes to sell off its estate in return for an 80 per cent increase in accommodation. It wants to be able to guarantee accommodation for 95 per cent of the students who want it.
Rents would be limited to a maximum of 85 per cent of the Greater London average. Westminster hopes the sale will raise enough to pay off its Pounds 17 million housing debt and release assets tied up as security for halls of residence. It could then borrow against these assets to fund new educational projects. The initiative is among the largest of the 12 PFI Pathfinder Projects.