Last checked at 23 Sep 2015 07:00
23 September, 2015
THE UNITE GROUP PLC
("Unite Students", "Unite", the "Group", or the "Company")
UNITE ACQUIRES TWO NEW PROPERTIES IN CENTRAL BRISTOL
The Unite Group plc, the UK's leading developer and manager of student accommodation, has acquired two development sites in central Bristol. It is envisaged that the sites will provide homes for around 900 students subject to obtaining the necessary approvals, including planning consents.
We expect both sites to achieve returns in line with Unite's target for regional development and to be delivered in 2019. Total development costs, including the cost of the land, is expected to be £85 million.
The sites are well located to house students from both of the Universities in the city and provide Unite with an opportunity to further strengthen its relationships with two long term partners.
Richard Simpson, Managing Director of Property for Unite Students, commented:
"We are delighted to have acquired two high quality sites in Bristol. We look forward to developing these sites and adding more high quality student accommodation to our existing estate in a strategically important city."
For further information, please contact:
Unite Students Joe Lister Caroline Hall
| Tel: +44 117 302 7053 |
Bell Pottinger Victoria Geoghegan Nick Lambert Elizabeth Snow | Tel: +44 20 3772 2562 |
About Unite Students
Unite Students is the UK's leading manager and developer of student accommodation. We provide a home for over 45,000 students in 132 purpose built properties across 28 of the UK's strongest university towns and cities. We have over 1,000 employees and work in partnership with more than 60 higher education providers, as well as renting rooms directly to students.
Our culturally-diverse customers are at the heart of our business and we aim to provide a home for students which supports their success, whether defined as academic achievement, personal growth or employability. Our properties provide high quality, well-located, safe accommodation that is close to University campuses, transport and local amenities. Our rent includes a study bedroom, all bills, insurance, 24-hour security, fortnightly kitchen cleans and high speed Wi-Fi throughout our buildings.
Founded in 1991, The Unite Group plc is a FTSE 250 company listed on the London Stock Exchange. We are pursuing a sustainable growth strategy designed to make the most of the resilient nature of the student accommodation sector. We aim to maintain the strongest brand in the sector and operate the highest quality portfolio through consistent investment in and improvement to our operating platform, highly selective development activity, asset management initiatives and portfolio recycling.
In addition to our wholly owned properties, we are also invested in and operate a small number of specialist funds and joint ventures with institutional investment partners, the largest of which is the £1.5 billion Unite UK Student Accommodation Fund (USAF).
The Group's charitable trust, the Unite Foundation provides free student accommodation and a generous annual scholarship to 130 young people in the UK who aspire to a degree but face the most challenging circumstances.
For more information visit our corporate website: www.unite-group.co.uk our student site www.unite-students.com or the Unite Foundation www.unitefoundation.co.uk