REG - Unite Group PLC - Acquisition of development site in Nottingham

UniteAnnouncement

24/01/2022 07:05

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RNS Number : 2892Z  Unite Group PLC (The)  24 January 2022

PRESS RELEASE

24 January 2022

THE UNITE GROUP PLC

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

UNITE ACQUIRES FURTHER DEVELOPMENT SITE IN NOTTINGHAM

 

Unite Students, the UK's leading owner, manager and developer of student
accommodation, has acquired a consented 270-bed development site in Nottingham
city centre.

 

Total development costs for the scheme, which will open for the 2024/25
academic year, are estimated to be £34 million. The direct-let development is
expected to deliver a yield on cost of 7%, which reflects the lower risk
associated for a project with planning approval already secured.

 

Unite already owns and manages c.1,900 student accommodation beds in
Nottingham with a further 970 beds to be added in the city across the new city
centre site and the Company's 700-bed consented development at Derby Road, due
for delivery in 2023. The development will increase our presence in Nottingham
city centre, adding to Curzon House, which was acquired as part of the Liberty
Living portfolio in 2019. The scheme also provides an opportunity to segment
our portfolio in the city by creating a more tailored offer for second, third
year and postgraduate students.

 

Nottingham is home to two high-quality universities, the University of
Nottingham and Nottingham Trent University, serving 64,000 full-time students.
Nottingham has seen a 20% increase in students seeking accommodation in recent
years, creating a clear need for new high-quality, purpose-built homes.

 

The newly acquired site is located in a prime location on Lower Parliament
Street in the heart of the city centre, close to Nottingham Trent University's
campus as well as the University of Nottingham's planned city centre campus
development for final-year and postgraduate students.

 

Nick Hayes, Group Property Director of Unite Students, commented:

"Through this opportunity we are able to cater for the increased number of
students wanting to attend the University of Nottingham and Nottingham Trent
University, both located in a growing regional city. This commitment increases
our secured pipeline to over £800 million, its highest ever level, and we
continue to see opportunities to add further schemes in London and prime
regional markets at attractive returns".

 

 

ENDS

 

For further information, please contact:

 

Unite Students

Joe Lister / Michael Burt
                                    Tel:
+44 117 302 7005

Unite press office
                            Tel: +44 117 450 6300

 

Powerscourt

Justin Griffiths / Victoria
Heslop
Tel: +44 20 7250 1446

 

 

About Unite Students

Unite Students is the UK's largest owner, manager and developer of
purpose-built student accommodation, serving the country's world-leading
Higher Education sector. We provide homes to 73,000 students across 173
properties in 25 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's accommodation is safe and secure, high
quality and affordable. Students live predominantly in ensuite study bedrooms,
with rents covering all bills, insurance, 24-hour security and high-speed
Wi-Fi. We also achieved a five-star British Safety Council rating in our last
audit.

 

We are committed to raising standards in the student accommodation sector for
our customers, investors and employees. This is why our new Sustainability
Strategy, launched in 2021, includes a commitment to become net zero carbon
across our operations and developments by 2030.

 

Founded in 1991 in Bristol, Unite Group is an award-winning Real Estate
Investment Trust (REIT), listed on the London Stock Exchange and a member of
the FTSE 250 Index. Unite is invested in and operates two specialist funds and
joint ventures with institutional investment partners: the £3 billion Unite
UK Student Accommodation Fund (USAF) and the £1 billion London Student
Accommodation Vehicle (LSAV).

 

For more information, visit:

Unite's corporate website www.unite-group.co.uk (http://www.unite-group.co.uk)

The student site www.unitestudents.com (http://www.unitestudents.com/)

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