12th Jan 2015 07:31
LONDON (Alliance News) - The Unite Group PLC Monday said it has acquired a development site, subject to planning, in the centre of Coventry, and plans to build a home for about 280 students in time for the 2017/18 academic year.
In a statement, the student accommodation company said the scheme is expected to achieve returns in line with Unite's targets for regional development and the total development cost, including the cost of the land, is expected to be approximately GBP13 million. It said the scheme will continue to drive its earnings visibility and net asset value growth.
"The centrally located site is adjacent to an existing Unite property, which has performed strongly since opening in 2007, and once complete will be part of a 1,000 strong student complex on the doorstep of the University. Coventry University continues to perform well, moving up 19 places in The Times and Sunday Times Good University Guide 2015 to number 42, and is home to over 24,000 students," the company said.
By Steve McGrath; [email protected]; @stevemcgrath1
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