Site Acquisition

RNS Number : 3900I

Unite Group PLC

30 May 2014

 



Press release 30 May 2014

Unite Students' regional development activity continues with Portsmouth acquisition

("Unite" / "Unite Students" / "Group" / "Company")

Unite Students, the UK's leading developer and manager of student accommodation has agreed to acquire and redevelop a 0.77 acre site in Portsmouth which, subject to planning, is expected to provide around 830 new beds and will help address the shortage of purpose built student accommodation in the city. It is anticipated that redevelopment activity will be completed in time for the 2016/17 academic year and that returns will be in line with Unite's targets for regional development.

The site, which has been acquired from Portsmouth City Council, is located at Greetham Street, in the heart of the city. It will represent one of the most significant student accommodation developments in Portsmouth in recent years.

The acquisition, which is subject to planning and funding agreements, will further consolidate Unite's position as the leading student accommodation provider in Portsmouth. Unite Students has operated in Portsmouth for over ten years and currently provides a home for 1,400 students across three properties which are held on nomination agreements with the University of Portsmouth (UOP) and comprise approximately half of their current accommodation.

The Greetham Street site is close to UOP campus buildings, shops and other local amenities and the proposed development incorporates 14 market trader storage units with associated parking on the ground floor.

Richard Simpson, Managing Director of Property for Unite Students, said:

"This is an excellent example of how we are deploying the funds raised earlier in the year by investing in regions where there is short supply and strong demand for student accommodation. The new development will incorporate Unite's new look and feel which includes a series of innovations and improvements that will create a genuine home for students that help them succeed at university."

UOP is currently ranked 48 by The Guardian University Guide 2014 and in the top 400 universities in the world by the Times Higher Education World University Rankings.  In 2013, UOP was ranked in the top 25% of English universities for student satisfaction.

ENDS

For further information, please contact:

The Unite Group plc  Sally Quigg  Rebecca Murch	Tel: [phone]
Bell Pottinger   Victoria Geoghegan   Nick Lambert   Elizabeth Snow	Tel: [phone]

About Unite Students

Unite Students is the UK's leading manager and developer of student accommodation. We provide a home for 41,000 students in over 120 purpose built properties across 23 of the UK's strongest university towns and cities. We have nearly 1,000 employees and work in partnership with over 50 higher education providers, as well as renting rooms directly to students. In May 2013 Unite was awarded Student Accommodation Provider of the Year at Property Week's RESI Awards.

Our culturally-diverse customers are at the heart of our business and we aim to provide a home for students that supports their success, whether defined as academic achievement, personal growth or employability. Our properties provide high quality, well-located, safe accommodation that is close to university campuses, transport and local amenities. Our rent includes a study bedroom, all bills, insurance, 24-hour security and high speed Wi-Fi throughout our buildings.

Founded in 1991, Unite is a FTSE 250 company listed on the London Stock Exchange. We are pursuing a sustainable growth strategy designed to make the most of the resilient nature of the student accommodation sector. We aim to maintain the strongest brand in the sector and operate the highest quality portfolio through consistent investment in and improvement to our operating platform, highly selective development activity, asset management initiatives and portfolio recycling.

In addition to our wholly owned properties, we are also invested in and operate a small number of specialist funds and joint ventures with institutional investment partners, the largest of which is the £1.35 billion Unite UK Student Accommodation Fund (USAF).

The Group's charitable trust, the Unite Foundation, supports widening access to higher education, integrating students into the community and employability. It provides scholarships for disadvantaged students at seven universities and volunteering opportunities for our students and employees through partner organisations.

For more information visit our corporate website: www.unite-group.co.ukor www.unite-students.com.  

 

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