Proactive Investors - Run By Investors For Investors

Unite Group unveils new student accommodation project with Oxford Brookes University

"This acquisition represents another exciting step in Unite's strategy of building long term partnerships with high quality universities.”
university students
The accommodation is due for the 2019/20 academic year

Unite Group Plc (LON:UTG) told investors that its university student accommodation business has now exchanged contracts for a new development in Oxford.

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.

READ: Unite Group acquires interest in property in Durham

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.”

View full UTG profile View Profile

Unite Group Timeline

Related Articles

Custodian
June 21 2019
Since its initial public offering five years ago, the company has deployed new equity, reached target net gearing and grown dividends annually.
care
March 29 2019
Chief executive Joe McTaggart said the company has a strong pipeline of projects for 2019 that are expected to deliver “good results”.
Belvoir
February 08 2019
Belvoir has expanded its operations in mortgages to provide an alternative source of income

© Proactive Investors 2019

Proactive Investors Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use