Planning approval granted

RNS Number : 8246C

Unite Group PLC

20 June 2019

 

Press release 20 June 2019

THE UNITE GROUP PLC

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

UNITE STUDENTS GRANTED PLANNING APPROVAL FOR UNIVERSITY PARTNERSHIP IN LONDON

The Unite Group plc, the UK's leading owner, manager and developer of student accommodation, has received resolution to grant planning permission for its 913-bed student accommodation development in Middlesex Street in London. The consent remains subject to approval from the Greater London Authority, which is anticipated in the next few weeks.

The site occupies a prime location in central London and will provide much-needed accommodation for students. The scheme will generate a development yield in line with Unite's target returns for University Partnership schemes in London and is expected to be delivered for the start of the 2021/22 academic year. The development will be funded from net proceeds of the February 2018 placing and committed banking facilities.

The application has been supported through planning by Kings College London, with both parties working towards a long-term nomination agreement. The development reflects Unite's strategy of aligning its property portfolio to the best locations and high-ranking universities where student numbers are growing fastest.

Nick Hayes, Unite Students Group Property Director, commented:

"London is the UK's largest student market but also one of the most difficult in which to deliver new supply. Middlesex Street creates new supply in a strategically important location where there is a shortage of affordable, high quality accommodation. The scheme adds to our London pipeline, which already includes the 678-bed forward fund development at First Way in Wembley, due for completion in 2020."

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For further information, please contact:

Unite Students Joe Lister, Chief Financial Officer Michael Burt, Director of Strategy and Investor Relations Candice Macdonald, Head of Communications

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

Notes to editors:

About Unite Students

Unite Students is the UK's largest manager and developer of purpose-built student accommodation serving the country's world-leading higher education sector. We currently provide homes for almost 50,000 students in circa 130 properties across 22 leading university towns and cities in England and Scotland. Unite also has a strong development pipeline, which will deliver more than 6,000 beds in the next three years. 

Our 1,400 people are driven by a common purpose: to provide the students who live with us a 'Home for Success' and to be the most trusted brand in the sector.  We do this through quality service, quality people and quality properties, all designed on the basis of an unrivalled insight into students' needs and preferences.

Unite's accommodation is high quality, safe and secure, and located close to university campuses, transport links and local amenities. Students live predominantly in en-suite study bedrooms with rents covering all bills, insurance, 24-hour security, fortnightly cleaning services and high-speed Wi-Fi. MyUnite, our mobile app, provides practical support such as instant messaging and maintenance requests.

Our commitment to customer service is powered by an innovative, in-house operating platform. It provides a wide range of benefits to our students, such as an optimised online booking process, as well as providing us with a unique ability to drive value from our portfolio through scale efficiencies and revenue management.

Alongside delivering quality service, our other strategic priority is delivering growing and sustainable earnings, underpinned by a strong capital structure.  A key part of this strategy is growing the number of beds let though partnerships with mid and high tariff universities which are experiencing record levels of student demand.  We currently partner with 60 higher education institutions, guaranteeing that approximately 60% of our rooms are let under multi-year, 'nomination agreements' providing high visibility of forward occupancy and rental growth.

Unite is invested in and operates 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 of and major donor to the Unite Foundation, a charitable trust established to support talented students facing challenging financial circumstances through the provision of free accommodation annual scholarships. The Foundation has so far provided scholarships for 209 young people working in close collaboration with 27 universities.

Founded in 1991 in Bristol, Unite Group is an award-winning Real Estate Investment Trust (REIT), listed on the London Stock Exchange and a member of the FTSE 250 Index.

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

 

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