LONDON (Alliance News) - Student accommodation developer Unite Group PLC on Wednesday said its chief executive will leave to join regeneration company St Modwen Properties PLC.
Mark Allan will take over at St Modwen from December 1, after joining as CEO designate on November 1. He will take over from Bill Oliver, who will retire at the end of November.
Unite has appointed Richard Smith, its managing director of operations, to chief executive to replace Allan, who has been CEO at Unite for a decade and has worked for the company for 17 years.
Smith joined the company in 2010 and joined the board of Unite in 2012.
Unite also announced the quarterly valuations for its Unite UK Student Accommodation Fund and the London Student Accommodation Joint Venture funds at the end of March.
The USAF fund was valued at GBP2.13 billion at the end of March, up 2.8% over the quarter. The portfolio comprises 26,813 beds in 75 properties across 24 towns and cities, Unite said.
The LSAV portfolio was valued at GBP750.0 million, up 1.5% in the quarter. It comprises 4,636 beds across 12 properties in London and three in Edinburgh.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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Unite (UTG)