Acquisition

RNS Number : 9252M

Unite Group PLC

26 January 2016

 

Press release 26 January 2016

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 370 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 £24 million. The delivery of the scheme will continue to drive the Group's earnings visibility and NAV growth.

The site is in a prime city centre location in close proximity to the Coventry University campus. Coventry University continues to perform well and has seen UCAS acceptances increase 14% this year. It was named 'University of the Year' at the 2015 Times Higher Education Awards and is home to over 25,000 students.

Richard Simpson, Managing Director of Property for Unite Students, commented: "We are delighted to have acquired a further site in Coventry for delivery in 2017. Coventry University has continued to perform strongly, driving high levels of demand for good quality, well located purpose built student accommodation."

ENDS

For further information, please contact:

Unite Students Joe Lister, Chief Financial Officer James Puxty, Communications Director	Tel: [phone]
Bell Pottinger Victoria Geoghegan Nick Lambert Elizabeth Snow	Tel: [phone]

Notes to editors:

About Unite Students

Unite Students is the UK's leading manager and developer of student accommodation. Unite provides a home for over 46,000 students in 138 purpose built properties across 28 of the UK's strongest university towns and cities. The Group works in partnership with more than 60 higher education institutions as well as letting rooms directly to students.

Our culturally-diverse customers are at the heart of Unite's business and we aim to provide a home for students which supports their academic and personal success. Unite's properties provide students with high quality, well-located, safe accommodation that is close to university campuses, transport and local amenities. The rent includes a study bedroom, all bills, insurance, 24-hour security, fortnightly kitchen cleans and high-speed Wi-Fi throughout our properties.

Founded in 1991 in Bristol, The Unite Group plc is a FTSE250 company listed on the London Stock Exchange, employing over 1,250 people. We are pursuing a sustainable growth strategy designed to make the most of the resilient nature of the student accommodation sector. Our aim is to maintain the strongest brand in the sector and operate the highest quality portfolio through consistent investment in and improvement to the operating platform, highly selective development activity, asset management initiatives and portfolio recycling.

In addition to Unite's 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 £2 billion Unite UK Student Accommodation Fund (USAF).

The Group's charitable trust, the Unite Foundation, provides free student accommodation and a generous annual scholarship to around 125 young people in the UK who aspire to a degree but face the most challenging circumstances.

For more information you can visit Unite's corporate website www.unite-group.co.uk, the student site www.unite-students.com or the Unite Foundation www.unitefoundation.co.uk.

 

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