Last checked at 10 Nov 2017 07:00
10 November 2017
UNITE STUDENTS ACQUIRES LEEDS CITY CENTRE DEVELOPMENT SITE
Unite Students, the UK's leading manager and developer of student accommodation, has exchanged contracts to acquire a development site in Leeds on a subject to planning basis.
The site, located in the city centre near to the University of Leeds and Leeds Beckett University, will provide a home for over 1,000 students. The total development cost is expected to be c.£80 million and will be funded from internally generated sources. The new building is expected to be open for the 2020 academic year and deliver a yield on cost of 8%.
The transaction reflects Unite's strategy of aligning its property portfolio with high-ranking universities where student numbers are growing whilst underpinning further earnings growth and visibility.
The University of Leeds achieved a gold TEF rating in 2017 and was named 'University of the Year' by The Times University Guide. The site would increase Unite's Leeds portfolio to 4,470 beds, serving a student population of 58,000, and further enhancing Unite's operating efficiency in the city. In the last five years, Unite's occupancy in the city has been 99% with over 1,200 beds subject to nominations agreements with Leeds universities.
Richard Simpson, Group Property Director, Unite Students said:-
"Leeds is a strong performing market with two high quality Universities. Unite has maintained a 99% occupancy rate in the city over the past five years, signalling we have room to expand and there is demand for the quality, affordable student accommodation we provide. We are confident the site in Leeds - subject to planning approvals - will be a great addition for Leeds' growing number of students."
-ENDS-
For further information, please contact:
Unite Students Joe Lister, Chief Financial Officer Candice Macdonald, Head of Communications
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Tel: +44 117 302 7005 Tel: +44 7525 592521 |
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Notes to editors:
About Unite Students
Unite Students is the UK's largest and most established manager and developer of purpose-built student accommodation. It provides a home for around 50,000 students, in more than 140 properties, across 28 leading university cities in England and Scotland. Unite works in partnership with more than 60 Higher Education institutions and also lets rooms directly to students.
Unite's purpose is to provide a home to its culturally diverse customers, offering them a strong foundation for academic and personal success. The accommodation is high quality, safe and close to university campuses, transport links and local amenities. Students live in ensuite study bedrooms with rents covering all bills, insurance, 24-hour security, fortnightly cleaning of communal kitchens and bathrooms and high-speed Wi-Fi.
Founded in 1991 in Bristol, the Unite Group plc is a FTSE250 company, listed on the London Stock Exchange, employing more than 1,250 people. It pursues a sustainable growth strategy, designed to make the most of the resilient nature of the student accommodation sector. Unite is focused on maintaining its position as the leading provider of student accommodation in the UK, by having the best brand, operating the highest quality portfolio and maintaining the strongest capital structure in the sector. This is achieved with consistent investment in, and improvement to, the operating platform; highly selective development activity and asset management initiatives.
Unite is invested in and operates a two specialist funds and joint ventures with institutional investment partners, the £2 billion Unite UK Student Accommodation Fund (USAF) and the £1 billion London Student Accommodation Vehicle (LSAV).
Unite is the founder and major donor of the Unite Foundation. The Foundation provides 160 young people in the UK who lack family support with free student accommodation and financial support.
For more information, you can visit Unite's corporate website www.unite-group.co.uk, the student site www.unite-students.com or the Unite Foundation www.unitefoundation.co.uk.