Jarvis completes sale of UPP to Alma Mater

Jarvis has completed the sale of its University Partnership Programme (UPP) bidding and management operation to the Alma Mater Fund for an undisclosed sum.

A total of 35 staff will be transferred from Jarvis to a new company, set up by Alma Mater, called UPP Projects.

Alma Mater has previously partnered with Jarvis's UPP business and its university clients in the development of student accommodation projects. Alma Mater recently acquired from Jarvis the economic interests in a number of investments held in the UPP joint venture special purpose vehicles.

Alma Mater is a jv of 3i and Barclays Private Equity.