This project will be delivered through a 50-year partnership model between The University of Manchester, Equitix, GRAHAM and pension insurer specialist Rothesay, with cornerstone funding provided by Rothesay.

According to GRAHAM, Fallowfield campus will be the world’s largest single-phase Passivhaus-certified PBSA.

“Projects of this scale can only be delivered through strong collaboration between the public and private sectors, and reaching financial close is a major milestone that enables us to move into delivery,” said Neil McFarlane, strategic development director at GRAHAM Investment Projects.

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“Significantly, Fallowfield is the largest Passivhaus student accommodation project in the world as well as being the largest pre-cast MMC-centred development in the UK, setting a new benchmark for sustainable development.

“We are proud to be at the forefront of delivering a project of this scale and together with our partners, we look forward to creating a development that will have a lasting positive impact for students, the local economy and Manchester for generations to come.”

Pensions minister Torsten Bell added: “Britain needs to get back into the business of investing in its own future, and we are supporting the building, investing and innovating that makes that happen.

“This significant commitment to sustainable student housing in Manchester shows how institutional investment can achieve that while delivering strong long-term outcomes for savers.”