Planning Approval

RNS Number : 5583Q

Unite Group PLC

07 June 2018

 

07 June 2018

THE UNITE GROUP PLC

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

UNITE STUDENTS GRANTED PLANNING APPROVAL FOR LEEDS STUDENT ACCOMMODATION

Unite Students, the UK's leading manager and developer of student accommodation, has been granted a planning approval to develop a 928-bed student accommodation development in Leeds.

The site, located on Merrion Way in the city centre, is close to both the University of Leeds and Leeds Beckett University. The site would increase Unite's Leeds portfolio to 4,376 beds, serving a student population of 58,000, and further enhancing Unite's operating efficiency in the city. In the last five years, Unite's occupancy in the city has been 99% with over 1,800 beds subject to nominations agreements with Leeds universities.

The development will generate a development yield in line with our target returns and will be funded from internally generated sources. It is expected to be open for the 2020 academic year.

The transaction reflects Unite's strategy of aligning its property portfolio with high-ranking universities where student numbers are growing whilst underpinning further earnings growth.

Nick Hayes, Group Property Director, Unite Students said:

"Leeds is a strong performing market, with a diverse and growing student population.  With two high quality Universities, we expect demand for quality, affordable student accommodation to grow and this development will help to fulfil that need." 

-ENDS-

For further information, please contact:

Unite Students Joe Lister, Chief Financial Officer Candice Macdonald, Head of Communications           Powerscourt (PR adviser to Unite)           Mazar Masud or Victoria Heslop	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 more than 140 properties across 24 leading university towns and cities in England and Scotland. Unite also has a strong development pipeline, which will deliver a further 8,000 beds in the next three years. 

Our 1,450 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 great service, great people and great 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 great 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 250 young people working in close collaboration with 28 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.unite-students.com or the Unite Foundation www.unitefoundation.co.uk.

 

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