Unite Group PLC
02 May 2007
Date: 2 MAY 2007
On behalf of: The UNITE Group plc ('UNITE')
Embargoed until: 07.00
The UNITE Group plc ('UNITE' / 'Group')
UNITE HOSTS SITE VISIT AND ANNOUNCES SUBSTANTIAL INCREASE
IN PIPELINE OF SECURED BEDS
UNITE announces that a group of stockbrokers' analysts are today visiting a
number of the Company's assets and current and future student accommodation
development projects in Leeds.
During the site visit, UNITE will give a presentation in which it will provide
an update regarding its successful on-going acquisition and development
programme since December 2006, as follows:
• Following several new development site acquisitions, UNITE reports an
increase of 2,469 secured beds during the first four months of the year,
bringing the total number of secured beds to 13,947 as at 30 April 2007 (31
December 2006: 11,478). These beds are expected to become available for
occupation between Autumn 2007 and 2010
• 1,393 of the 2,469 beds secured since the year-end are located in London,
reflecting the success of UNITE's strategy to increase exposure to this key
growth market. This brings the total number of secured beds in London to
3,219, to be completed between 2007 and 2010
• As previously disclosed, 3,691 beds will be delivered for occupation in
Autumn 2007, of which 341 are in London and the remaining 3,350 are located
in other key target markets across the UK
• Certain of the newly acquired London projects will be developed in UNITE's
Capital Cities joint venture with GIC Real Estate, with the result that the
joint venture's funds are now fully allocated to projects. Consequently
future London developments will be undertaken solely on UNITE's balance
sheet.
No further new material information will be provided during the event.
Commenting, Mark Allan, Chief Executive of UNITE, said:
'Our development business has enjoyed a very strong start to 2007, with 2,469
new beds secured for our pipeline, including a number of projects in London -
one of our key target areas for growth. These acquisitions, combined with the
successful second fund raising for our UK Student Accommodation Fund, ensure
that we are well positioned to continue to drive growth for our shareholders and
investors.'
For further details please contact:
Enquiries:
UNITE
Mark Allan, Chief Executive 0117 302 7000
Tabitha Aldrich-Smith 0117 302 7000
Financial Dynamics
Stephanie Highett / Dido Laurimore 020 7831 3113
Notes to editors:
• UNITE is the UK's leading student hospitality company. Listed in the
FTSE 250 index of the London Stock Exchange and managing a property
portfolio of £1.6 billion located across the UK, the Group focuses on
the provision and management of high quality, well-located student
accommodation and hospitality services in strong higher education markets.
• UNITE delivers the real student experience, whilst at the same time helping
to regenerate cities as part of the community and contributing to the
improvement of the country's housing. It undertakes the planning,
development and management of sites, often working closely with the
universities and colleges, to deliver accommodation for students across
all ages and nationalities. UNITE developments typically show high
occupancy levels and robust rental growth as demand continues to rise
for places in UK Higher Education and for safe, high quality accommodation
for students.
Further information on UNITE is available at www.unite-group.co.uk
This information is provided by RNS
The company news service from the London Stock Exchange
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