Unite Group PLC USAF Acquires 331-Bed Property in Edinburgh (8358D)
February 05 2018 - 2:00AM
UK Regulatory
TIDMUTG
RNS Number : 8358D
Unite Group PLC
05 February 2018
5 February 2018
THE UNITE GROUP PLC
("Unite Students", "Unite", the "Group", or the "Company")
UNITE STUDENTS ACCOMMODATION FUND (USAF) ACQUIRES 331-BED
PROPERTY IN EDINBURGH
Unite Students, the UK's leading manager and developer of
student accommodation, announces that Unite Students Accommodation
Fund (USAF) has acquired 123 Fountainbridge in Edinburgh for a
total consideration of GBP24 million, representing an acquisition
yield of 6%.
The site, located close to the University of Edinburgh's campus
on Prince's Street, consists of 331 beds and is 100% let for the
2017/2018 academic year.
The transaction supports Unite's strategy of aligning its
property portfolio with high-ranking universities in the UK where
student numbers are growing, and creating further earnings growth
and visibility.
The 123 Fountainbridge site adds to Unite's existing portfolio
of four assets in the city and increases the total number of beds
to 1,680.
Richard Simpson, Group Property Director, Unite Students
said:
"Edinburgh is one of the leading university destinations, with
increasing student numbers. Combined with our other four Unite
sites in the city, 123 Fountainbridge offers further
diversification within our portfolio providing students with one of
the most affordable student accommodation options in the city
centre. This is a great addition to our portfolio and at 100%
occupancy for the 2017/2018 academic year, it is clearly proving a
popular choice for Edinburgh's growing student population."
-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 20 7250 1446
Powerscourt
Justin Griffiths
Alison Watson
Mazar Masud
Notes to editors:
About Unite Students
Unite Students is the UK's largest manager and developer of
purpose-built student accommodation serving the country's
world-leading higher education sector. We currently provide homes
for almost 50,000 students in more than 140 properties across 24
leading university towns and cities in England and Scotland. Unite
also has a strong development pipeline, which will deliver a
further 8,000 beds in the next three years.
Our 1,450 people are driven by a common purpose: to provide the
students who live with us a 'Home for Success' and to be the most
trusted brand in the sector. We do this through great service,
great people and great properties, all designed on the basis of an
unrivalled insight into students' needs and preferences.
Unite's accommodation is high quality, safe and secure, and
located close to university campuses, transport links and local
amenities. Students live predominantly in en-suite study bedrooms
with rents covering all bills, insurance, 24-hour security,
fortnightly cleaning services and high-speed Wi-Fi. MyUnite, our
mobile app, provides practical support such as instant messaging
and maintenance requests.
Our commitment to customer service is powered by an innovative,
in-house operating platform. It provides a wide range of benefits
to our students, such as an optimised online booking process, as
well as providing us with a unique ability to drive value from our
portfolio through scale efficiencies and revenue management.
Alongside delivering great service, our other strategic priority
is delivering growing and sustainable earnings, underpinned by a
strong capital structure. A key part of this strategy is growing
the number of beds let though partnerships with mid and high tariff
universities which are experiencing record levels of student
demand. We currently partner with 60 higher education institutions,
guaranteeing that approximately 60% of our rooms are let under
multi-year, 'nomination agreements' providing high visibility of
forward occupancy and rental growth.
Unite is invested in and operates 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 of and major donor to the Unite Foundation,
a charitable trust established to support talented students facing
challenging financial circumstances through the provision of free
accommodation annual scholarships. The Foundation has so far
provided scholarships for 250 young people working in close
collaboration with 28 universities.
Founded in 1991 in Bristol, Unite Group is an award-winning Real
Estate Investment Trust (REIT), listed on the London Stock Exchange
and a member of the FTSE 250 Index.
For more information, please 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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