Unite Group PLC Acquisition (8315B)
January 12 2015 - 2:00AM
UK Regulatory
TIDMUTG
RNS Number : 8315B
Unite Group PLC
12 January 2015
Press release
12 January 2015
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 280 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
GBP13 million. The delivery of the scheme will continue to drive
the Group's earnings visibility and NAV growth.
The centrally located site is adjacent to an existing Unite
property, which has performed strongly since opening in 2007, and
once complete will be part of a 1,000 strong student complex on the
doorstep of the University. Coventry University continues to
perform well, moving up 19 places in The Times and Sunday Times
Good University Guide 2015 to number 42, and is home to over 24,000
students.
Richard Simpson, Managing Director of Property for Unite
Students, commented:
"We are delighted to have secured another excellent site in a
strong regional location in line with our development strategy. Our
properties in Coventry have performed well over the last ten years
and this new property will help meet the growing demand for student
accommodation in the city."
For further information, please contact:
Unite Students
Rebecca Murch, Corporate Communication Manager Tel: +44 117 302 7081
------------------------------------------------ ----------------------
Bell Pottinger
Victoria Geoghegan / Nick Lambert / Elizabeth
Snow Tel: +44 20 3772 2562
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About Unite Students
Unite Students is the UK's leading manager and developer of
student accommodation. We provide a home for over 43,000 students
in 130 purpose built properties across 23 of the UK's strongest
university towns and cities. We have over 1,000 employees and work
in partnership with over 50 higher education providers, as well as
renting rooms directly to students.
Our culturally-diverse customers are at the heart of our
business and we aim to provide a home for students that supports
their success, whether defined as academic achievement, personal
growth or employability. Our properties provide high quality,
well-located, safe accommodation that is close to university
campuses, transport and local amenities. Our rent includes a study
bedroom, all bills, insurance, 24-hour security and high speed
Wi-Fi throughout our buildings.
Founded in 1991, Unite Group is a FTSE 250 company listed on the
London Stock Exchange. We are pursuing a sustainable growth
strategy designed to make the most of the resilient nature of the
student accommodation sector. We aim to maintain the strongest
brand in the sector and operate the highest quality portfolio
through consistent investment in and improvement to our operating
platform, highly selective development activity, asset management
initiatives and portfolio recycling.
In addition to our 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 GBP1.5 billion Unite UK Student Accommodation Fund
(USAF).
The Group's charitable trust, the Unite Foundation, supports
widening access to higher education, integrating students into the
community and employability. It provides scholarships for
disadvantaged students at seven universities and volunteering
opportunities for our students and employees through partner
organisations.
For more information visit our corporate website:
www.unite-group.co.uk or www.unite-students.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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