Unite Group PLC (LON:UTG) has announced the acquisition of a new 300-bed development site in central Edinburgh, part of a wider mixed-use redevelopment.
The student accommodation owner said total development costs are estimated to be £24mln and is targeting to let the first rooms for the 2023/24 academic year, or even earlier subject to planning consent.
READ: Peel Hunt upgrades Unite, starts covering GCP Student Living, Empiric Student over ‘back to school’ prospects
The acquisition will add to the FTSE 250-listed firm’s 2,200 operational beds in the Scottish city, which is home to 55,000 full-time students.
Unite said Edinburgh has an undersupply for purpose-built student accommodation.
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