Acquisition

RNS Number : 6585Y

Unite Group PLC

19 May 2016

 

Press release 19 May 2016

THE UNITE GROUP PLC

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

Unite Students acquires new site in Birmingham

Unite Students, the UK's leading developer and manager of student accommodation, has exchanged contracts to acquire a new development site in central Birmingham on a subject to planning basis. The site will eventually provide a home for approximately 600 students, subject to obtaining the necessary consents.

Total development costs, including the cost of the land, are expected to be c.£40 million. The project is expected to achieve returns in line with Unite's target for regional development and is anticipated to be delivered by 2019. The project will be funded by internally generated sources.

The site is in the heart of Birmingham city centre, very close to Aston University and a short walk from Birmingham City University who together educate over 28,085 full-time students.

The development is adjacent to an operational Unite building and will increase the number of Unite beds in Birmingham to around 3,300 across five properties providing an opportunity to deliver operational efficiencies and further strengthen relationships with local universities.

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

"This central Birmingham site fulfils our criteria for growth and investment returns in a strong, regional location and we are delighted to have exchanged contracts to acquire it.

"Birmingham is a thriving university city and home to four Higher Education providers, offering a wide range of highly respected courses. When complete, the new property will provide a safe and secure home for the growing number of students attracted to Birmingham."

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For further information, please contact:

Unite Students Felicity Cowie Sion Ffrancon	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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