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Unite Group to manage new student housing development in Leeds

The FTSE 250 student accommodation firm will rent out 559 of the 976 beds, in line with its annual rental growth target of 3.5%

Unite Group - Unite Group to manage new student housing development in Leeds
The White Rose View development is located in the city centre

Unite Group PLC (LON:UTG) has signed a 30-year agreement with the University of Leeds to manage a new student housing development.

The FTSE 250 student accommodation firm will rent out 559 of the 976 beds, which will be ready to be let by the next academic year, in line with its annual rental growth target of 3.5%.

READ: Unite Group sells luxury student developments to Singaporean investor

Works at £55mln White Rose View development, located in the city centre, are carried out by construction company RG Group, while Unite supported the university through planning its design.

“This latest partnership agreement supports our focus on the quality and security of our income, by aligning with mid and high-tariff universities where there is strong demand for affordable, high-quality student accommodation,” said chief executive Richard Smith.

“We continue to target one to two new university partnership deals per year.”

Shares were up 0.28% to 1,083p in the early morning.

Quick facts: Unite Group

Price: 1191 GBX

LSE:UTG
Market: LSE
Market Cap: £3.47 billion
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