Unite Group PLC Acquisition (1119W)
10 November 2017 - 6:00PM
UK Regulatory
TIDMUTG
RNS Number : 1119W
Unite Group PLC
10 November 2017
10 November 2017
UNITE STUDENTS ACQUIRES LEEDS CITY CENTRE DEVELOPMENT SITE
Unite Students, the UK's leading manager and developer of
student accommodation, has exchanged contracts to acquire a
development site in Leeds on a subject to planning basis.
The site, located in the city centre near to the University of
Leeds and Leeds Beckett University, will provide a home for over
1,000 students. The total development cost is expected to be
c.GBP80 million and will be funded from internally generated
sources. The new building is expected to be open for the 2020
academic year and deliver a yield on cost of 8%.
The transaction reflects Unite's strategy of aligning its
property portfolio with high-ranking universities where student
numbers are growing whilst underpinning further earnings growth and
visibility.
The University of Leeds achieved a gold TEF rating in 2017 and
was named 'University of the Year' by The Times University Guide.
The site would increase Unite's Leeds portfolio to 4,470 beds,
serving a student population of 58,000, and further enhancing
Unite's operating efficiency in the city. In the last five years,
Unite's occupancy in the city has been 99% with over 1,200 beds
subject to nominations agreements with Leeds universities.
Richard Simpson, Group Property Director, Unite Students
said:-
"Leeds is a strong performing market with two high quality
Universities. Unite has maintained a 99% occupancy rate in the city
over the past five years, signalling we have room to expand and
there is demand for the quality, affordable student accommodation
we provide. We are confident the site in Leeds - subject to
planning approvals - will be a great addition for Leeds' growing
number of students."
-ENDS-
For further information, please contact:
Unite Students
Joe Lister, Chief Financial Tel: +44 117 302 7005
Officer Tel: +44 7525 592521
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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