Unite Group PLC (The) Unite acquires new development site in Edinburgh (7343S)
July 13 2020 - 2:00AM
UK Regulatory
TIDMUTG
RNS Number : 7343S
Unite Group PLC (The)
13 July 2020
Press release
13 July 2020
THE UNITE GROUP PLC
('Unite Students', 'Unite', the 'Group', or the ' Company ')
UNITE ACQUIRES NEW DEVELOPMENT SITE IN EDINBURGH
Unite Students, the UK's leading owner, manager and developer of
student accommodation, announces that it has exchanged contracts to
acquire a new 300-bed development site in central Edinburgh, which
forms part of a wider mixed-use redevelopment.
The Company is targeting delivery of the direct-let development
for the 2023/24 academic year however, subject to planning consent,
this timetable may be accelerated. Total development costs are
estimated to be GBP24 million, delivering a development yield in
line with the Company's enhanced 8.5% target for provincial
markets.
The Edinburgh market is home to 55,000 full-time students and
four high and medium-tariff Universities and has an undersupply for
purpose-built student accommodation. The development will add to
Unite's 2,200 operational beds in the city and support the
Company's strategic alignment to leading Universities, where
student demand is strongest.
Richard Smith, Chief Executive of Unite Students, commented:
"This acquisition represents one of three new development and
forward funded schemes either contracted or under offer for a total
development cost of c.GBP250 million. The scheme will be funded
through the proceeds of our recent placing and delivers enhanced
returns relative to pre-Covid-19 levels."
ENDS
For further information, please contact:
Unite Students
Richard Smith / Joe Lister / Michael Burt Tel: +44 117 302
7005
Unite press office Tel: +44 7754 749 301
Powerscourt
Victoria Heslop / Ben Harries Tel: +44 20 7250 1446
About Unite Students
Unite Students is the UK's largest owner, manager and developer
of purpose-built student accommodation serving the country's
world-leading Higher Education sector. Following the GBP1.4bn
acquisition of Liberty Living in November 2019, we now provide
homes to 74,000 students across 177 properties in 27 leading
university towns and cities. We currently partner with 45
universities across the UK.
Our people are driven by a common purpose: to provide a 'Home
for Success' for the students who live with us. Unite's
accommodation is safe and secure, high quality, and affordable.
Students live predominantly in en-suite study bedrooms with rents
covering all bills, insurance, 24-hour security and high-speed
Wi-Fi. We also hold a five-star British Safety Council audit
rating.
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. Unite is invested in and
operates two specialist funds and joint ventures with institutional
investment partners: the GBP3 billion Unite UK Student
Accommodation Fund (USAF), and the GBP1 billion London Student
Accommodation Vehicle (LSAV).
For more information, visit:
Unite's corporate website www.unite-group.co.uk ,
The student site www.unite-students.com ,
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END
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