Unite Group PLC (The) Acquisition of development site in Nottingham
RNS Number : 2892Z
Unite Group PLC (The)
24 January 2022
24 January 2022
THE UNITE GROUP PLC
('Unite Students', 'Unite', the 'Group', or the 'Company')
UNITE ACQUIRES FURTHER DEVELOPMENT SITE IN NOTTINGHAM
Unite Students, the UK's leading owner, manager and developer of
student accommodation, has acquired a consented 270-bed development
site in Nottingham city centre.
Total development costs for the scheme, which will open for the
2024/25 academic year, are estimated to be GBP34 million. The
direct-let development is expected to deliver a yield on cost of
7%, which reflects the lower risk associated for a project with
planning approval already secured.
Unite already owns and manages c.1,900 student accommodation
beds in Nottingham with a further 970 beds to be added in the city
across the new city centre site and the Company's 700-bed consented
development at Derby Road, due for delivery in 2023. The
development will increase our presence in Nottingham city centre,
adding to Curzon House, which was acquired as part of the Liberty
Living portfolio in 2019. The scheme also provides an opportunity
to segment our portfolio in the city by creating a more tailored
offer for second, third year and postgraduate students.
Nottingham is home to two high-quality universities, the
University of Nottingham and Nottingham Trent University, serving
64,000 full-time students. Nottingham has seen a 20% increase in
students seeking accommodation in recent years, creating a clear
need for new high-quality, purpose-built homes.
The newly acquired site is located in a prime location on Lower
Parliament Street in the heart of the city centre, close to
Nottingham Trent University's campus as well as the University of
Nottingham's planned city centre campus development for final-year
and postgraduate students.
Nick Hayes, Group Property Director of Unite Students, commented
"Through this opportunity we are able to cater for the increased
number of students wanting to attend the University of Nottingham
and Nottingham Trent University, both located in a growing regional
city. This commitment increases our secured pipeline to over GBP800
million, its highest ever level, and we continue to see
opportunities to add further schemes in London and prime regional
markets at attractive returns".
For further information, please contact:
Joe Lister / Michael Burt Tel: +44 117 302 7005
Unite press office Tel: +44 117 450 6300
Justin Griffiths / Victoria Heslop 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. We provide homes to 73,000
students across 173 properties in 25 leading University towns and
cities. We currently partner with over 60 Universities across the
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 ensuite study bedrooms, with rents
covering all bills, insurance, 24-hour security and high-speed
Wi-Fi. We also achieved a five-star British Safety Council rating
in our last audit.
We are committed to raising standards in the student
accommodation sector for our customers, investors and employees.
This is why our new Sustainability Strategy, launched in 2021,
includes a commitment to become net zero carbon across our
operations and developments by 2030.
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.unitestudents.com
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(END) Dow Jones Newswires
January 24, 2022 02:00 ET (07:00 GMT)
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