8th Sep 2014 16:06
(An item published 0803 BST misstated the value of the investment. The correct version follow.)
LONDON (Alliance News) - Unite Group PLC Monday said its Unite Students division has been given planning permission for the development of a 0.8 acre site in Portsmouth city centre.
The new site is set to provide accommodation for 836 students and is expected to be completed in time for the start of the 2016-17 academic year.
Unite is buying the site from Portsmouth City Council and represents a GBP42 million investment by the property company, Unite said.
"The acquisition forms part of our regional development strategy where there is a growing demand for student accommodation. This year we have seen university applications continue to outstrip available places and there is a growing need for safe, secure purpose built student accommodation," said Richard Simpson, Managing Director of Property at Unite Students.
"The site is ideal for University of Portsmouth students, being close to campus and will provide a safe and modern home that supports students' success," Simpson added.
The stock closed up 0.4% at 430.43 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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