19th Feb 2024 08:28
Unite Group PLC - Bristol-based student accommodation provider - Enters into joint venture with Newcastle University for the development of 2,000 new student beds for delivery in 2027 and 2028. Unite says it will close the existing accommodation at the Castle Leazes site on the university grounds, commencing demolition in the summer of 2024 before beginning the redevelopment programme. Total development costs will come to around GBP250 million, Unite says, of which the company's share will be GBP128 million. Unite's equity commitment is expected to be around GBP70 million for a 51% stake in the joint venture. Entry into the joint venture is subject to planning approval, for which Unite says it plans to apply by the end of the first quarter of 2024. Read More
