18th Feb 2014 08:41
LONDON (Alliance News) - Student accommodation provider Unite Group PLC Tuesday said it has acquired a 1.8 acre development site on St Leonard's Street in Edinburgh, subject to planning and funding agreements, for an undisclosed fee.
Unite Group did not name the seller.
The property, which is in close proximity to the University of Edinburgh, has a total development cost of GBP38 million and is expected to deliver returns in line with the firm's targets for regional development.
The site is currently occupied by a 8,000 square foot retail unit which will be refurbished within the plans.
The scheme should be completed in time for the 201/17 academic year, said the firm. It is the third project to be funded from the proceeds of its June 2013 share placing, following the acquisition of sites in Newcastle and Aberdeen earlier this year.
In a separate note, Unite said it is in negotiations to acquire a further site in a, "similarly strong regional location."
The stock was trading at 434.10 pence Tuesday, down 6.00 pence or 1.4%.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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