It comes alongside a new commercial agreement with Oxford Brookes University, covering the site for 25 years. The acquisition will expand the Unite Students unit’s portfolio to 1,350 beds.
The new development, which has planning permission, is expected to comprise 885 new beds and is scheduled to be delivered in time for the 2019/20 academic year. It has an estimated cost of around £75mln and the anticipated returns are described as being ‘in line with stated targets’ for university partnerships.
"This acquisition represents another exciting step in Unite's strategy of building long term partnerships with high quality universities,” said Richard Smith, Unite Students chief executive.
“It also shows our ability to continue adding to our market-leading portfolio of buildings in locations where there is a shortage of affordable high quality student accommodation and we can exploit our service platform to drive operating efficiencies."
Meanwhile, Oxford Brookes chief operating officer Brendan Casey added: “Purpose built, managed halls of residence is a preferred option for the University as it helps meet an increasing demand for student accommodation while relieving pressure on the local housing needs.”