UTG Unite Group Plc

TIDMUTG

RNS Number : 2892Z

Unite Group PLC (The)

24 January 2022

PRESS RELEASE

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".

ENDS

For further information, please contact:

Unite Students

Joe Lister / Michael Burt Tel: +44 117 302 7005

Unite press office Tel: +44 117 450 6300

Powerscourt

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 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 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

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January 24, 2022 02:00 ET (07:00 GMT)

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