18th Sep 2013 06:21
LONDON (Alliance News) - The UNITE Group plc (UTG.L), a developer and manager of student accommodation, announced it has exchanged contracts with Schroders Real Estate Investment Trust for the acquisition of a one acre development site in Wembley, North West London. The site has been acquired for 7.4 million pounds, subject to planning consent, with an estimated total development cost of 47 million pounds.
The site will provide a home for circa 700 students along with 10,000 sq ft of retail space, targeted to open in 2016. The property will be developed by the London Student Accommodation Vehicle, UNITE's 50:50 joint venture with GIC.
Copyright RTT News/dpa-AFX
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