Oxford Acquisition

RNS Number : 7501Y

Unite Group PLC

08 December 2017

 

THE UNITE GROUP PLC

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

UNITE EXTENDS UNIVERSITY PARTNERSHIPS WITH OXFORD ACQUISITION

Unite Students, the UK's leading manager and developer of student accommodation, has exchanged contracts on a development site in Oxford. It has, in parallel, agreed commercial terms with Oxford Brookes University for a 25-year nominations agreement covering the site, which will extend its partnership with Unite to 1,350 beds. Planning consent for the development has been granted subsequent to exchange.

The new development is expected to provide 885 new beds and will be delivered for the 2019/20 academic year with total development costs expected to be around £75 million. Anticipated returns are in line with our stated targets for University Partnerships.

Richard Smith, CEO of Unite Students, commented:

"This acquisition represents another exciting step in Unite's strategy of building long term partnerships with high quality universities. It also shows our ability to continue adding to our market-leading portfolio of buildings in locations where there is a shortage of affordable high quality student accommodation and we can exploit our service platform to drive operating efficiencies."

Brendan Casey, Registrar and Chief Operating Officer, Oxford Brookes University, said:

"Oxford Brookes University is pleased to be working with Unite to provide quality accommodation for students in Oxford. Purpose built, managed halls of residence is a preferred option for the University as it helps meet an increasing demand for student accommodation while relieving pressure on the local housing needs.

"The proposed development is near existing Oxford Brookes halls of residence and is well connected with multiple bus routes including the University-funded BROOKESbus."

-ENDS-

For further information, please contact:

Unite Students Joe Lister, Chief Financial Officer Candice Macdonald, Head of Communications Powerscourt (PR adviser to Unite) Justin Griffiths or Mazar Masud

Tel: [phone] Tel: [phone] Tel: [phone]

Notes to editors:

About Unite Students

Unite Students is the UK's largest and most established manager and developer of purpose-built student accommodation. It provides a home for around 50,000 students, in more than 140 properties, across 28 leading university cities in England and Scotland. Unite works in partnership with more than 60 Higher Education institutions and also lets rooms directly to students.

Unite's purpose is to provide a home to its culturally-diverse customers, offering them a strong foundation for academic and personal success. The accommodation is high quality, safe and close to university campuses, transport links and local amenities. Students live in ensuite study bedrooms with rents covering all bills, insurance, 24-hour security, fortnightly cleaning of communal kitchens and bathrooms and high speed Wi-Fi.

Founded in 1991 in Bristol, The Unite Group plc is a FTSE250 company, listed on the London Stock Exchange, employing more than 1,400 people. It pursues a sustainable growth strategy, designed to make the most of the resilient nature of the student accommodation sector. Unite is focused on maintaining its position as the leading provider of student accommodation in the UK, by having the best brand, operating the highest quality portfolio and maintaining the strongest capital structure in the sector. This is achieved with consistent investment in, and improvement to, the operating platform; highly selective development activity and asset management initiatives.

Unite is invested in and operates a two specialist funds and joint ventures with institutional investment partners, the £2 billion Unite UK Student Accommodation Fund (USAF) and the £1 billion London Student Accommodation Vehicle (LSAV).

Unite is the founder and major donor of the Unite Foundation. Since 2012 this has provided free student accommodation and financial support to 160 young people in the UK who lack family support.

For more information you can visit Unite's corporate website www.unite-group.co.uk, the student site www.unite-students.com or the Unite Foundation www.unitefoundation.co.uk.

LEI: 213800BBUUWVDH9YI827

 

END

 

 

ACQFSEFWWFWSESE