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
19,824.16
16:59 26/04/24
FTSE 350
4,470.09
16:59 26/04/24
FTSE All-Share
4,423.59
17:14 26/04/24
Real Estate Investment Trusts
2,241.92
16:59 26/04/24
Unite Group
932.00p
16:40 26/04/24
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."