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(Alliance News) - Unite Group PLC on Monday announced it received planning permission for its 700-bed student accommodation development at Derby Road in Nottingham, England.
The Bristol-based purpose-built student accommodation provider said the development will be located adjacent to the University of Nottingham campus and will be completed for the 2023 to 2024 academic year.
Unite said it secured additional beds for the scheme through the planning process, with total development costs reaching GBP57 million. The development will feature integrated solar panels at roof level and an all-electric heating solution, including high-efficiency air-source heat pumps, it added.
"The development reflects our strategy of increasing our alignment to the strongest universities and will help to deliver operational efficiencies through greater scale in Nottingham," said Group Property Director Nick Hayes.
Last Tuesday, Unite reinstated dividends with a payout of 12.75 pence per share for 2020, up 24% from 10.25p in 2019, due to a total revenue rise of 38% to GBP215.6 million from GBP156.3 million. It cited a rise in rental income driven by the acquisition of Liberty Living's 24,000 bed portfolio as a reason for the revenue increase. However, its annual pretax loss widened to GBP120.1 million from GBP101.2 million.
Shares in Unite Group were down 1.6% at 1,004.00p in London on Monday.
By Zoe Wickens; zoewickens@alliancenews.com
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