Last checked at 7 Nov 2017 07:00
THE UNITE GROUP PLC
("Unite Students", "Unite", the "Group", or the "Company")
UNITE STUDENTS RECEIVES PLANNING PERMISSION FOR NEW 573-BED PROPERTY IN MANCHESTER
Unite Students, the UK's leading manager and developer of student accommodation, has received planning permission to build a 573-bed property in Manchester city centre. This consent takes the total development pipeline to be delivered in the next three years to 6,500 beds, providing further visibility in our earnings growth outlook and builds on our strategy to work in partnership with mid to high-ranking Universities.
The site at New Wakefield Street is close to both the University of Manchester and Manchester Metropolitan University, and is in an established area for student accommodation. Unite currently has five properties in Manchester, providing a home for over 2,300 students which will grow to 2,900 on completion of the new scheme further enhancing operating efficiency in the city.
The building will open for students starting university in 2020 and the total development cost of the scheme is expected to be c£50 million. The scheme will be funded by internally generated sources and is expected to achieve a yield on cost of 8% in line with our targets and to contribute 1p per share to EPRA earnings once complete.
Richard Simpson, Group Property Director of Unite Students said: "Manchester has the largest student population in the UK after London with two high quality Universities, making it a strong market for Unite Students. We are very proud to build on our presence in such a fantastic city."
-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.