Acquisition

RNS Number : 8315B

Unite Group PLC

12 January 2015

 

Press release

12 January 2015

THE UNITE GROUP PLC

("Unite Students", "Unite", the "Group", or the "Company")

Unite Students secures prime site in Coventry

Unite Students, the UK's leading developer and manager of student accommodation, has acquired a development site, subject to planning, in the centre of Coventry. It is envisaged that the site will provide a home for approximately 280 students and is scheduled to be open in time for the 2017/18 academic year.

The scheme is expected to achieve returns in line with Unite's targets for regional development and the total development cost, including the cost of the land, is expected to be approximately £13 million. The delivery of the scheme will continue to drive the Group's earnings visibility and NAV growth.

The centrally located site is adjacent to an existing Unite property, which has performed strongly since opening in 2007, and once complete will be part of a 1,000 strong student complex on the doorstep of the University. Coventry University continues to perform well, moving up 19 places in The Times and Sunday Times Good University Guide 2015 to number 42, and is home to over 24,000 students.

Richard Simpson, Managing Director of Property for Unite Students, commented:

"We are delighted to have secured another excellent site in a strong regional location in line with our development strategy. Our properties in Coventry have performed well over the last ten years and this new property will help meet the growing demand for student accommodation in the city."

For further information, please contact:

Unite Students Rebecca Murch, Corporate Communication Manager	Tel: [phone]
Bell Pottinger Victoria Geoghegan / Nick Lambert / Elizabeth Snow	Tel: [phone]

About Unite Students

Unite Students is the UK's leading manager and developer of student accommodation. We provide a home for over 43,000 students in 130 purpose built properties across 23 of the UK's strongest university towns and cities. We have over 1,000 employees and work in partnership with over 50 higher education providers, as well as renting rooms directly to students.

Our culturally-diverse customers are at the heart of our business and we aim to provide a home for students that supports their success, whether defined as academic achievement, personal growth or employability. Our properties provide high quality, well-located, safe accommodation that is close to university campuses, transport and local amenities. Our rent includes a study bedroom, all bills, insurance, 24-hour security and high speed Wi-Fi throughout our buildings.

Founded in 1991, Unite Group is a FTSE 250 company listed on the London Stock Exchange. We are pursuing a sustainable growth strategy designed to make the most of the resilient nature of the student accommodation sector. We aim to maintain the strongest brand in the sector and operate the highest quality portfolio through consistent investment in and improvement to our operating platform, highly selective development activity, asset management initiatives and portfolio recycling.

In addition to our wholly owned properties, we are also invested in and operate a small number of specialist funds and joint ventures with institutional investment partners, the largest of which is the £1.5 billion Unite UK Student Accommodation Fund (USAF).

The Group's charitable trust, the Unite Foundation, supports widening access to higher education, integrating students into the community and employability. It provides scholarships for disadvantaged students at seven universities and volunteering opportunities for our students and employees through partner organisations.

For more information visit our corporate website: www.unite-group.co.uk or www.unite-students.com.

 

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