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Unite Group PLC - Bristol-based student accommodation provider - Enters into joint venture with Newcastle University for the development of 2,000 new student beds for delivery in 2027 and 2028. Unite says it will close the existing accommodation at the Castle Leazes site on the university grounds, commencing demolition in the summer of 2024 before beginning the redevelopment programme. Total development costs will come to around GBP250 million, Unite says, of which the company's share will be GBP128 million. Unite's equity commitment is expected to be around GBP70 million for a 51% stake in the joint venture. Entry into the joint venture is subject to planning approval, for which Unite says it plans to apply by the end of the first quarter of 2024.
Unite Chief Executive Officer Joe Lister says: "Unite Students is uniquely positioned to help address the shortage of student homes through our long-standing and trusted university relationships, best-in-class operating platform and in-house development capability. There is a significant opportunity to become the partner-of-choice for universities as they seek to unlock the potential of their campuses to deliver new accommodation and access new funding."
Current stock price: 1,001.00 pence each, down 0.1% on Monday morning in London
12-month change: up 1.7%
By Hugh Cameron, Alliance News reporter
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