Unite announces new project with Oxford Brookes
Student accommodation developer Unite Students has exchanged contracts on a development site in Oxford and agreed commercial terms with Oxford Brookes University for a 25-year nominations agreement covering the site, which will extend its partnership with Unite to 1,350 beds.
FTSE 250
19,719.37
17:09 24/04/24
FTSE 350
4,419.71
17:09 24/04/24
FTSE All-Share
4,374.06
16:44 24/04/24
Real Estate Investment Trusts
2,217.03
17:09 24/04/24
Unite Group
922.00p
16:40 24/04/24
Planning consent for the development has been granted subsequent to exchange.
The new development is expected to provide 885 new beds and will be delivered for the 2019/20 academic year with total development costs expected to be around £75m. Anticipated returns are in line with Unite's stated targets for University Partnerships.
Chief executive officer Richard Smith said: "This acquisition represents another exciting step in Unite's strategy of building long term partnerships with high quality universities. It also shows our ability to continue adding to our market-leading portfolio of buildings in locations where there is a shortage of affordable high quality student accommodation and we can exploit our service platform to drive operating efficiencies."