12th Aug 2019 08:17
(Alliance News) - Student accommodation developer Unite Group PLC said Monday it has acquired a 620-bed development site in Nottingham.
The direct-let development is expected to be open in time for the 2022-23 academic year, subject to planning consent. Unite has estimated the total development cost for the site to be GBP48 million. It didn't disclose the price paid for the site.
The acquisition will be funded from internally generated sources, and is expected to help with Unite's target of maintaining a development pipeline of 2,000 beds per year.
"This latest acquisition reflects our strategy of aligning our business with mid and high tariff Universities in cities where there is strong demand for affordable, high-quality student accommodation," said Property Director Hick Hayes.
Shares in Unite were up 0.6% at 1,038.00 pence on Monday morning.
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