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New CEO Joins UPP

| 01.04.2020 | 4 minutes read |

UPP Group Holdings Limited (UPP), the UK’s leading provider of on-campus residential and academic accommodation infrastructure, and its Parent Company UPP REIT Holdings Limited, today announces that Elaine Hewitt has joined the Business as its new Chief Executive Officer, following the announcement of her appointment in January.

A Fellow of the Royal Institute of Chartered Surveyors (RICS), Elaine joins UPP from NHS Property Services, where she has been Chief Executive Officer since 2015 and was responsible for overseeing a £3bn asset portfolio, some 4,000 properties, 5,000 employees and an annual income of more than £700m.

She was previously Group Property Director at BT Group PLC. As well as having considerable private sector experience, Elaine has held public sector roles, notably Crown Representative in the Cabinet Office for Property and Facilities Management across Government. She is also a Senior Board Advisor to Dorrington Plc, a property investment and development company.

The previous CEO, Richard Bienfait, left the Business at the end of January 2020.

Robert McClatchey, Chairman of UPP Group Holdings Limited, said:

“I am delighted to welcome Elaine to UPP, albeit at a very challenging time as we work hard to mitigate the impacts of COVID-19 on our stakeholders and own Business. Her considerable experience and expertise in the property services industry will reinforce UPP’s position as the leading on-campus accommodation provider and she will immediately assume leadership of our response to COVID-19. In the longer-term, I look forward to working with Elaine to continue to drive UPP’s long-standing and successful strategic focus on the delivery of controlled, value-accretive growth.”

Elaine Hewitt said:

“I am excited to be joining UPP. My immediate priority is to support our people, partners and resident students through the COVID-19 outbreak. The Business has a strong and long-standing reputation for delivering the very best student experiences in partnership with great universities. I am confident that by working together and focusing upon UPP’s strategic commitments of long-term partnership and operational excellence, we can continue to enhance our services to students and strengthen our position for the future.”

UPP has over 36,000 rooms in operation or under construction through long-term, bespoke partnerships with 15 world-leading universities.

In 2019, UPP successfully reached financial close on a £139.7m deal with existing long-term partner the University of Exeter to design, build, fund and operate 1,182 high-quality bedrooms on the University’s East Park campus.

The year also saw UPP reaching financial close on a deal worth £43m with St Modwen Developments, Swansea University and Swan Global LLP for the acquisition of the freehold of 411 rooms at Bay Campus in Swansea.

UPP is majority owned by PGGM VERMOGENSBEHEER B.V. (PGGM). PGGM provides services in the field of pension management, integral asset management and executive advice to pension funds and has a long-term hold position with respect to UPP. The Company currently manages pension assets worth €215bn for different pension funds and is administrating pensions of 4.2m participants in the health and social sector of the Netherlands.

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