Last checked at 6 May 2009 09:19
6 May 2009
The UNITE Group plc
("UNITE" / "Company" / "Group")
DIRECTORATE CHANGE
The UNITE Group plc, the UK's leading developer and manager of student accommodation, announces today that Non-Executive Deputy Chairman, Nicholas Porter, has informed the Company of his intention to step down from the Board at the Company's AGM on 15 May 2009.
Mr Porter founded UNITE in 1991 and was Chief Executive Officer until September 2006, since when he has served as Non-Executive Deputy Chairman.
The Company does not intend to appoint a replacement Deputy Chairman.
Commenting, Geoffrey Maddrell, UNITE's Chairman, said, "From my close and active working relationship with Nick over ten formative years during which UNITE has moved from a local concept to a highly focussed national leader, I have strongly appreciated Nick's visionary and exhilarating leadership qualities as Chief Executive; subsequently, as Deputy Chairman, Nick has continued to add significant value to the company, particularly to board deliberations. We all wish to thank Nick for everything he has given to the whole UNITE community and wish him well in his new international challenges."
Mark Allan, UNITE's Chief Executive, added: "Having founded UNITE in 1991, Nick as Chief Executive Officer led the business into its market leading position, firmly establishing student accommodation as an institutional-grade property asset class in the UK. In addition, both he and Geoffrey have provided me with tremendous support and wise counsel for which I, and my fellow Board members, are extremely grateful.
"We will continue to drive UNITE's ongoing and exciting evolution and look forward to completing its transition to a development and co-investing asset management model."
Nick Porter, added: "Against a challenging economic backdrop, UNITE continues to deliver a resilient performance. This is based primarily on the Group's focus and expertise in its specialist sector. I am pleased that UNITE is delivering consistent positive rental growth at a level that is seldom matched in other real estate asset classes.
"Having served for three years as Non-Executive Deputy Chairman, and also having secured the successful appointment of Phil White as successor to Geoffrey Maddrell as Chairman, I feel that now is an appropriate time to stand down. I would particularly like to thank Geoffrey for his unstinting support, not only for myself but for the whole of UNITE. I will continue to follow the Group's progress with interest and wish the Board and the Company success in the future."
ENDS
For further details, please contact:
| The UNITE Group plc Mark Allan | Tel: 0117 302 7004 |
| Financial Dynamics Stephanie Highett / Dido Laurimore / Rachel Drysdale / Laurence Jones | Tel: 020 7831 3113 |
About UNITE Group
UNITE Group is the UK's leading developer and manager of student accommodation, with a business model that focuses on three core areas;
Development: UNITE undertakes the acquisition, planning and development of purpose-built student accommodation in the UK.
Professional property management: UNITE is currently home to some 36,000 students in 23 towns and cities, with 99% occupancy across its portfolio.
Co-investing asset management: Working on behalf of its partners, UNITE acts as Fund Manager for the UNITE UK Student Accommodation Fund in addition to being 19% stakeholders. UNITE also heads up a number of Joint Venture partnerships.
UNITE often works closely with the universities and colleges, in order to deliver high quality, well-located student accommodation at affordable prices in strong higher education markets.
UNITE Group remains an attractive proposition for investors with student rents resilient to economic cycles, continued growth in student numbers, especially from overseas, and high occupancy levels across its portfolio,
Founded in 1991, UNITE Group is listed on the London Stock Exchange (UTG).