RCS - Unite Group PLC - Unite Group and Newcastle University finalise JV

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22/12/2025 07:30

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RNS Number : 3598M  Unite Group PLC (The)  22 December 2025

RNS Reach

22 December 2025

THE UNITE GROUP PLC

('Unite Students', 'Unite', the 'Group', or the 'Company')

Unite Students and Newcastle University finalise joint venture and begin
construction of Castle Leazes

 

·    Unite Students and Newcastle University joint venture (JV)
partnership to deliver 2,009 new student beds, with funding completed and
building work underway.

 

·    This partnership strengthens Unite's university partnership strategy,
increasing its on-campus pipeline to 4,300 beds.

 

Unite Students, the UK's leading owner, manager and developer of student
accommodation, and Newcastle University have finalised the formation of their
joint venture partnership to deliver 2,009 new student beds at Castle Leazes.

 

The joint venture funding has been completed and construction of the new
development is now underway, after the Building Safety Regulator granted
approval. Phase 1 (788 beds) will open in time for the start of the 2028/29
academic year with phase 2 (1,221 beds) ready for 2029/30.

 

The development replaces Newcastle University's former 1,250-bed
accommodation, which was built in the 1960s and demolished last year. It will
provide the university with a modern, energy efficient and vibrant student
village close to campus that will help to attract students to the city and
boost its income stream.

 

Unite Students will act as developer, asset manager and operator to the joint
venture, with a 51% ownership stake. Newcastle University will hold 49% and
contribute the Castle Leazes site on a 150-year lease.

 

This joint venture is a core element of Unite's university partnership
strategy, which prioritises closer alignment with the UK's strongest
institutions. The agreement with Newcastle University forms part of Unite's
pipeline of 4,300 new beds in university partnerships for delivery between
2028 and 2030.  In addition, Unite sees opportunities to secure further
partnerships with high-quality universities and is targeting one new
partnership each year.

 

To support accommodation requirements during the development phase, Newcastle
University has a multi-year nominations agreement with the Group for 1,600
beds at other properties in the city.

 

 

Joe Lister, Chief Executive Officer at Unite Students, said: "We're excited to
move forward with the construction of Castle Leazes now that we've completed
the funding and formalised the joint venture. By working together, we're able
to provide high-quality, affordable and sustainable homes that will enhance
the residential experience for students. The development will also help to
ease the shortage of student housing in the city and free up privately rented
homes for local families. Purpose-built student accommodation is fundamental
to the UK's higher education sector, and this partnership demonstrates the
real benefits such collaborations can deliver for students, universities and
local communities. It also reflects Unite's wider programme of long-term
university partnerships, where we are targeting one new agreement each year."

 

Nick Collins, Chief Financial Officer, Newcastle University, said: "The
redevelopment of Castle Leazes is an exciting strategic investment for the
university and the formation of the joint venture with Unite represents an
important milestone.  By developing high-quality, sustainable accommodation
close to campus, we will significantly enhance the student experience and
strengthen our ability to continue to attract talented students to
Newcastle.  In addition to providing an income stream for the university, the
redevelopment will also bring wider economic benefits to the city."

 

ENDS

 

For further information, please contact:

 

Unite Students

Press office
                                          Tel: +44 117
450 6300

 

Sodali & Co

 Ben Foster / Sam Austrums / Louisa Henry
                Tel: +44 20 7250 1446

 

About Unite Students

Unite Students is the UK's largest owner, manager and developer of
purpose-built student accommodation (PBSA) serving the country's world-leading
higher education sector. We provide homes to 64,000 students across 143
properties in 22 leading university towns and cities. We currently partner
with over 60 universities across the UK.

Our people are driven by a common purpose: to provide a 'Home for Success' for
the students who live with us. Unite Students' accommodation is safe and
secure, high quality and affordable. Students live predominantly in en-suite
study bedrooms with rents covering all bills, insurance, 24-hour security and
high-speed Wi-Fi.

We are committed to raising standards in the student accommodation sector for
our customers, investors and employees. Our Sustainability Strategy includes a
commitment to become net zero carbon across our operations and developments by
2030.

Founded in 1991 in Bristol, the Unite Group is an award-winning Real Estate
Investment Trust (REIT), listed on the London Stock Exchange. For more
information, visit Unite Group's corporate website www.unitegroup.com
(http://www.unitegroup.com/) or the Unite Students'
site www.unitestudents.com (https://www.unitestudents.com/) .

 

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