Unite Group PLC Oxford Acquisition (7501Y)
December 08 2017 - 2:00AM
UK Regulatory
TIDMUTG
RNS Number : 7501Y
Unite Group PLC
08 December 2017
THE UNITE GROUP PLC
("Unite Students", "Unite", the "Group", or the "Company")
UNITE EXTENDS UNIVERSITY PARTNERSHIPS WITH OXFORD
ACQUISITION
Unite Students, the UK's leading manager and developer of
student accommodation, has exchanged contracts on a development
site in Oxford. It has, in parallel, agreed commercial terms with
Oxford Brookes University for a 25-year nominations agreement
covering the site, which will extend its partnership with Unite to
1,350 beds. Planning consent for the development has been granted
subsequent to exchange.
The new development is expected to provide 885 new beds and will
be delivered for the 2019/20 academic year with total development
costs expected to be around GBP75 million. Anticipated returns are
in line with our stated targets for University Partnerships.
Richard Smith, CEO of Unite Students, commented:
"This acquisition represents another exciting step in Unite's
strategy of building long term partnerships with high quality
universities. It also shows our ability to continue adding to our
market-leading portfolio of buildings in locations where there is a
shortage of affordable high quality student accommodation and we
can exploit our service platform to drive operating
efficiencies."
Brendan Casey, Registrar and Chief Operating Officer, Oxford
Brookes University, said:
"Oxford Brookes University is pleased to be working with Unite
to provide quality accommodation for students in Oxford. Purpose
built, managed halls of residence is a preferred option for the
University as it helps meet an increasing demand for student
accommodation while relieving pressure on the local housing
needs.
"The proposed development is near existing Oxford Brookes halls
of residence and is well connected with multiple bus routes
including the University-funded BROOKESbus."
-ENDS-
For further information, please contact:
Unite Students
Joe Lister, Chief Financial Tel: +44 117 302 7005
Officer Tel: +44 7525 592 521
Candice Macdonald, Head of
Communications
Tel: +44 207 250 1446
Powerscourt (PR adviser to
Unite)
Justin Griffiths or Mazar Masud
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
1,400 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
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