Acquisition

RNS Number : 0491P

Unite Group PLC

19 October 2012

 



PRESS RELEASE 19 OCTOBER 2012

 

 

UNITE COMPLETES PURCHASE OF CENTRAL LONDON CAMDEN SITE FOR

563-BED STUDENT DEVELOPMENT

The UNITE Group plc, the UK's leading developer and manager of student accommodation, has completed the purchase of a zone 1 site in Camden, North London, from Travis Perkins for £23.8 million with funding provided by HSBC.

The innovative transaction saw the Group secure planning consent in August 2011 in partnership with Travis Perkins (Properties) Ltd. Under the terms of the deal, UNITE will provide Travis Perkins with a new trading facility on the ground floor of the development once it completes. Travis Perkins will continue trading until November in the existing scheme. The Camden development, which received unanimous approval from Camden Council in August 2011, will provide a range of professionally managed cluster apartments and spacious studios. Construction of the 563-bed balance sheet scheme will begin in December 2012 and the property will open in 2014. Mansell Construction has been appointed as main contractor.

Located in the heart of Camden, the development is adjacent to the Royal Veterinary College and close to several other key London higher education institutions and benefits from excellent transport links, being just a five minute walk from Kings Cross Station.

Savills advised UNITE on this transaction.

Commenting on the scheme, Richard Simpson, UNITE's Managing Director of Property, said: "Camden Town is the top London location for students and this scheme will provide rare, zone 1 cluster flats at affordable rents. This site purchase marks a further milestone in our target to expand our presence in the key London market, substantially. We expect London to continue to benefit from strong market fundamentals, with the supply/demand imbalance still a key factor, and we expect it to remain the most attractive and thereby resilient destination for UK and international students."

Marin Meech, Group Property Director of Travis Perkins said: "We are pleased to have worked with UNITE and Camden Council to create a brand new facility for our customers. We are hopeful of working with Camden elsewhere in the Borough in order to preserve existing jobs at other branches which require redevelopment. Mixed use developments of this type are essential for regeneration and maintaining existing jobs. The St Pancras project forms part of the Group's perpetual programme of extracting value out of its existing property portfolio whilst at the same time improving the quality of its facilities for both its customers and employees."

ENDS

For further information, please contact:

The UNITE Group plc Sally Quigg, Head of Corporate Communications Sophie Joyce, Corporate Communications Manager	Tel: [phone]
FTI Consulting Stephanie Highett Dido Laurimore Faye Walters	Tel: [phone]

About The UNITE Group

The UNITE Group is the UK's leading developer and manager of student accommodation, with a business model that focuses on two core areas:

1.         Development and Asset Management: UNITE undertakes the acquisition, planning and development of purpose-built student accommodation in the UK. Through the continuous assessment of quality and location of its investment portfolio, UNITE is well positioned to deliver value-adding strategies to those assets where further opportunities are identified. Working on behalf of its partners, UNITE acts as Fund Manager for the UNITE UK Student Accommodation Fund in which it owns a 16.3% share. UNITE also manages a number of Joint Venture partnerships.

2.         Professional property management: UNITE is home to 42,000 students in over 130 properties across 23 of the UK's strongest university cities, and has consistently proven high occupancy levels across its portfolio.

The Group works closely with higher education institutions in order to deliver high quality, well-located student accommodation at affordable prices in strong higher education markets. In 2012, UNITE won the South West Business in the Community (BITC) Carbon Reduction Award for its environmental initiatives and was recognised as the residential regional sector leader for sustainability by the Global Real Estate Sustainability Benchmark (GRESB).

Founded in 1991, UNITE is a FTSE 250 company listed on the London Stock Exchange (UTG). For more information, please visit www.unite-group.co.uk or www.unite-students.com.  

About Travis Perkins plc

A major PLC, Travis Perkins is a leading company in the builders' merchant and home improvement markets, and is a main supplier to the building and construction market, one of the largest industries in the UK.  Travis Perkins plc turns over in excess of £4.2bn, operates through seventeen businesses with more than 1,850 trading branches, employing around 25,000 colleagues.

Further information for Travis Perkins plc, please contact Rose Kilby at Willoughby PR on 0121 456 3004 or email [e-mail].

 

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