Unite Group PLC Planning consent (7196V)
07 November 2017 - 6:00PM
UK Regulatory
TIDMUTG
RNS Number : 7196V
Unite Group PLC
07 November 2017
THE UNITE GROUP PLC
("Unite Students", "Unite", the "Group", or the "Company")
UNITE STUDENTS RECEIVES PLANNING PERMISSION FOR NEW 573-BED
PROPERTY IN MANCHESTER
Unite Students, the UK's leading manager and developer of
student accommodation, has received planning permission to build a
573-bed property in Manchester city centre. This consent takes the
total development pipeline to be delivered in the next three years
to 6,500 beds, providing further visibility in our earnings growth
outlook and builds on our strategy to work in partnership with mid
to high-ranking Universities.
The site at New Wakefield Street is close to both the University
of Manchester and Manchester Metropolitan University, and is in an
established area for student accommodation. Unite currently has
five properties in Manchester, providing a home for over 2,300
students which will grow to 2,900 on completion of the new scheme
further enhancing operating efficiency in the city.
The building will open for students starting university in 2020
and the total development cost of the scheme is expected to be
cGBP50 million. The scheme will be funded by internally generated
sources and is expected to achieve a yield on cost of 8% in line
with our targets and to contribute 1p per share to EPRA earnings
once complete.
Richard Simpson, Group Property Director of Unite Students said:
"Manchester has the largest student population in the UK after
London with two high quality Universities, making it a strong
market for Unite Students. We are very proud to build on our
presence in such a fantastic city."
-ENDS-
For further information, please contact:
Unite Students Tel: +44 117 302 7005
Joe Lister, Chief Financial Tel: +44 7525 592521
Officer
Candice Macdonald, Head
of Communications
Notes to editors:
About Unite Students
Unite Students is the UK's largest and most established manager
and developer of purpose-built student accommodation. It provides a
home for around 50,000 students, in more than 140 properties,
across 28 leading university cities in England and Scotland. Unite
works in partnership with more than 60 Higher Education
institutions and also lets rooms directly to students.
Unite's purpose is to provide a home to its culturally diverse
customers, offering them a strong foundation for academic and
personal success. The accommodation is high quality, safe and close
to university campuses, transport links and local amenities.
Students live in ensuite study bedrooms with rents covering all
bills, insurance, 24-hour security, fortnightly cleaning of
communal kitchens and bathrooms and high-speed Wi-Fi.
Founded in 1991 in Bristol, the Unite Group plc is a FTSE250
company, listed on the London Stock Exchange, employing more than
1,250 people. It pursues a sustainable growth strategy, designed to
make the most of the resilient nature of the student accommodation
sector. Unite is focused on maintaining its position as the leading
provider of student accommodation in the UK, by having the best
brand, operating the highest quality portfolio and maintaining the
strongest capital structure in the sector. This is achieved with
consistent investment in, and improvement to, the operating
platform; highly selective development activity and asset
management initiatives.
Unite is invested in and operates a two specialist funds and
joint ventures with institutional investment partners, the GBP2
billion Unite UK Student Accommodation Fund (USAF) and the GBP1
billion London Student Accommodation Vehicle (LSAV).
Unite is the founder and major donor of the Unite Foundation.
The Foundation provides 160 young people in the UK who lack family
support with free student accommodation and financial support.
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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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