Acquisition

RNS Number : 4086W

Unite Group PLC

27 April 2016

 

Press release 27 April 2016

THE UNITE GROUP PLC

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

Unite Students secures prime site in Liverpool

Unite Students, the UK's leading developer and manager of student accommodation, has acquired a development site in the centre of Liverpool which has planning consent for 713 student bedrooms. The density of the site has the potential to be significantly improved and is expected to provide a home for over 1,000 students. It is anticipated that the new development will be open in time for the 2019/20 academic year.

The scheme is expected to achieve returns in line with Unite's target for regional development and the total development cost, including the cost of the land, is expected to be approximately £70 million. The delivery of the scheme will be funded by internally generated sources and will continue to drive the Group's earnings visibility and NAV growth.

The site is in a prime city centre location adjacent to Unite's Grand Central property and is in close proximity to the University of Liverpool and Liverpool John Moores University. Liverpool has a large student population of over 40,000 across four higher education institutions.

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

"We are delighted to have acquired this site in Liverpool for delivery in 2019 to add to our existing portfolio in the city. We will continue our progress on our secured pipeline in regional locations with strong student markets."

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]

About Unite Students

Unite Students revolutionised student housing in 1991, opening the first private and large-scale accommodation, created specifically for students. From pioneering to leading a thriving sector in the UK, Unite is now a FTSE250 company. We offer safe, high quality and bills-inclusive homes for more than 46,000 students in 138 halls, across 28 university cities, working with 60 Universities. As a first home-away-from-home, for most of our students, our buildings are more than bricks and mortar. They offer a solid foundation for their success. Our 1,250 employees are committed to listening to our students and growing our business to anticipate and nurture their needs. Our charity, The Unite Foundation, helps students beat a difficult start in life. So far, we have awarded free student accommodation and generous scholarships to 116 young people. Unite invests in and operates some specialist funds and joint ventures with institutional investment partners, the largest of which is the £2 billion Unite UK Student Accommodation Fund (USAF).

www.unite-group.co.uk

 

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