RNS Reach

22 December 2025

THE UNITE GROUP PLC

('Unite Students', 'Unite', the 'Group', or the 'Company')

Unite Students and Newcastle University finalise joint venture and begin construction of Castle Leazes

·    Unite Students and Newcastle University joint venture (JV) partnership to deliver 2,009 new student beds, with funding completed and building work underway.

·    This partnership strengthens Unite's university partnership strategy, increasing its on-campus pipeline to 4,300 beds.

Unite Students, the UK's leading owner, manager and developer of student accommodation, and Newcastle University have finalised the formation of their joint venture partnership to deliver 2,009 new student beds at Castle Leazes.

The joint venture funding has been completed and construction of the new development is now underway, after the Building Safety Regulator granted approval. Phase 1 (788 beds) will open in time for the start of the 2028/29 academic year with phase 2 (1,221 beds) ready for 2029/30.  

The development replaces Newcastle University's former 1,250-bed accommodation, which was built in the 1960s and demolished last year. It will provide the university with a modern, energy efficient and vibrant student village close to campus that will help to attract students to the city and boost its income stream.

Unite Students will act as developer, asset manager and operator to the joint venture, with a 51% ownership stake. Newcastle University will hold 49% and contribute the Castle Leazes site on a 150-year lease.

This joint venture is a core element of Unite's university partnership strategy, which prioritises closer alignment with the UK's strongest institutions. The agreement with Newcastle University forms part of Unite's pipeline of 4,300 new beds in university partnerships for delivery between 2028 and 2030.  In addition, Unite sees opportunities to secure further partnerships with high-quality universities and is targeting one new partnership each year.

To support accommodation requirements during the development phase, Newcastle University has a multi-year nominations agreement with the Group for 1,600 beds at other properties in the city.

Joe Lister, Chief Executive Officer at Unite Students, said: "We're excited to move forward with the construction of Castle Leazes now that we've completed the funding and formalised the joint venture. By working together, we're able to provide high-quality, affordable and sustainable homes that will enhance the residential experience for students. The development will also help to ease the shortage of student housing in the city and free up privately rented homes for local families. Purpose-built student accommodation is fundamental to the UK's higher education sector, and this partnership demonstrates the real benefits such collaborations can deliver for students, universities and local communities. It also reflects Unite's wider programme of long-term university partnerships, where we are targeting one new agreement each year."

Nick Collins, Chief Financial Officer, Newcastle University, said: "The redevelopment of Castle Leazes is an exciting strategic investment for the university and the formation of the joint venture with Unite represents an important milestone.  By developing high-quality, sustainable accommodation close to campus, we will significantly enhance the student experience and strengthen our ability to continue to attract talented students to Newcastle.  In addition to providing an income stream for the university, the redevelopment will also bring wider economic benefits to the city."

ENDS

For further information, please contact:

Unite Students

Press office                                                                                      Tel: +44 117 450 6300

Sodali & Co

 Ben Foster / Sam Austrums / Louisa Henry                                        Tel: +44 20 7250 1446

About Unite Students

Unite Students is the UK's largest owner, manager and developer of purpose-built student accommodation (PBSA) serving the country's world-leading higher education sector. We provide homes to 64,000 students across 143 properties in 22 leading university towns and cities. We currently partner with over 60 universities across the UK.

Our people are driven by a common purpose: to provide a 'Home for Success' for the students who live with us. Unite Students' accommodation is safe and secure, high quality and affordable. Students live predominantly in en-suite study bedrooms with rents covering all bills, insurance, 24-hour security and high-speed Wi-Fi.

We are committed to raising standards in the student accommodation sector for our customers, investors and employees. Our Sustainability Strategy includes a commitment to become net zero carbon across our operations and developments by 2030.

Founded in 1991 in Bristol, the Unite Group is an award-winning Real Estate Investment Trust (REIT), listed on the London Stock Exchange. For more information, visit Unite Group's corporate website www.unitegroup.com or the Unite Students' site www.unitestudents.com.