Unite Group PLC Acquisition (4868X)
February 22 2017 - 2:01AM
UK Regulatory
TIDMUTG
RNS Number : 4868X
Unite Group PLC
22 February 2017
Press release
22 February 2017
THE UNITE GROUP PLC
("Unite Students", "Unite", the "Group", or the "Company")
UNITE STUDENTS ACQUIRES NEW SITE IN MANCHESTER
Unite Students, the UK's leading manager and developer of
student accommodation, has exchanged contracts to acquire a
development site in Manchester, on a subject to planning basis. The
site, in Manchester city centre, is located near to the University
of Manchester and is anticipated to provide a home for around 450
students.
The acquisition is forecast to cost around GBP41 million and
deliver returns in line with our targeted level of 8.0-8.5%
development yield. The development will be funded internally and is
anticipated to be delivered for the 2020 academic year. The
acquisition increases the development pipeline to c. 7,500 beds
underpinning our earnings growth outlook.
Manchester is a strong performing market with two high quality
Universities and a total of 63,000 students seeking accommodation.
The site would increase Unite's Manchester portfolio to 2,800 beds,
providing an opportunity to further strengthen our relationships
with local Universities.
Richard Simpson, Group Property Director commented:
"This acquisition extends our high-quality development programme
in a strong regional location where there is growing demand for
purpose built student accommodation. Manchester is a thriving
student city which we expect to continue to attract high numbers of
students. We look forward to working with the local Universities to
help meet the strong demand for high-quality student
accommodation."
ENDS
For further information, please contact:
Unite Students
Joe Lister, Chief Financial Officer Tel: +44 117
Paul Richmond, Corporate Affairs 302 7005
Director
Bell Pottinger
Victoria Geoghegan Tel: +44 20
Nick Lambert 3772 2562
Elizabeth Snow
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 24 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.
Since 2012 this has provided free student accommodation and
financial support to 160 young people in the UK who lack family
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.
LEI: 213800BBUUWVDH9YI827
This information is provided by RNS
The company news service from the London Stock Exchange
END
ACQBCGDDLSDBGRB
(END) Dow Jones Newswires
February 22, 2017 02:01 ET (07:01 GMT)
Unite (LSE:UTG)
Historical Stock Chart
From Jun 2024 to Jul 2024
Unite (LSE:UTG)
Historical Stock Chart
From Jul 2023 to Jul 2024