Planning Approval

RNS Number : 4429L

Unite Group PLC

01 August 2011

 



1 August 2011

THE UNITE GROUP PLC

("UNITE", the "Group", or the "Company")

UNITE SECURES PLANNING APPROVAL FOR KEY LONDON DEVELOPMENT

The UNITE Group plc, the UK's leading developer and manager of student accommodation, today announces that it has secured resolution to grant planning consent for its 563-bed development in Camden, London. The scheme represents part of the Company's London development pipeline, which plans to deliver an additional 4,000 beds in the capital by 2014.

The Camden scheme, which received unanimous approval from the council last week, will provide professionally managed student accommodation to 563 students in London.  The development will offer a range of cluster apartments and spacious studios and is scheduled for completion in 2013. Located in the heart of Camden, the development is close to several key London universities and benefits from excellent transport links, situated just five minutes from Kings Cross. The proposal has been taken forward in partnership with Travis Perkins (Properties) Ltd who will be provided with a new trading facility at the ground floor of the development once it completes.

Taking into account the new scheme, for which UNITE has agreed funding facilities, the Group has now secured planning permission and funding for 1,900 beds of its target 4,000 London pipeline. A further 900 are secured and awaiting planning permission and the company is confident of securing the remaining 1200 beds in the second half of 2011.

Commenting on the scheme, Richard Simpson, UNITE's Development Director, said:

"The scheme in Camden is a further milestone in our target to substantially expand our presence in the key London market. 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."

ENDS

For further information, please contact:

The UNITE Group plc Paul Harris, Director Communications Sally Quigg, Head of Corporate Communications	Tel: [phone]
Financial Dynamics Stephanie Highett Dido Laurimore Laurence Jones	Tel: [phone]

About The UNITE Group

The UNITE Group is the UK's leading developer and manager of student accommodation, with an investment portfolio valued at £884m (as at December 2010). As well as managing its directly owned portfolio, UNITE acts as co-investing manager of four specialist student accommodation funds / joint ventures, including the UNITE UK Student Accommodation Fund (USAF), which has a £1.23bn portfolio, in which UNITE holds a 16% stake.

Supported by strong market fundamentals, UNITE aims to create value for shareholders through targeted development activity, delivering capital growth and increasing income through recurring profits.

Employing nearly 1,000 people in the UK, UNITE provides c. 40,000 beds to students in 120 properties across 24 cities around the country.

UNITE works closely with higher education institutions, in order to deliver high quality, well-located student accommodation in the UK's strongest markets.

Founded in 1991, UNITE is listed on the London Stock Exchange (UTG) and is a FTSE 250 company.

www.unite-group.co.uk

www.unite-students.com

 

END

 

 

NRADKDDPKBKBDON