Unite Group acquires 620-bed development site in Nottingham
By Josh White
Date: Monday 12 Aug 2019
(Sharecast News) - Owner, manager and developer of student accommodation The Unite Group has exchanged contracts to acquire a new 620-bed development site in Nottingham, it announced on Monday.
The FTSE 250 company said the direct-let development, which remained subject to planning consent, would open in time for the 2022-2023 academic year.
Total development costs were estimated to be £48m, which the board said would deliver a development yield in line with its stated targets.
Unite described Nottingham as being home to "two leading universities", adding that the development would increase its presence in the city, enabling the firm to deliver operational efficiencies.
The new site would form part of its ongoing target of maintaining a development pipeline of around 2,000 beds per year, and would be funded from internally generated sources.
"This latest acquisition reflects our strategy of aligning our business with mid and high tariff universities in cities where there is strong demand for affordable, high-quality student accommodation," said Unite Group property director Nick Hayes.
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