Unite Group PLC Planning Consent (6553M)
October 17 2016 - 2:00AM
UK Regulatory
TIDMUTG
RNS Number : 6553M
Unite Group PLC
17 October 2016
Press release
17 October 2016
THE UNITE GROUP PLC
("Unite Students", "Unite", the "Group", or the "Company")
UNITE STUDENTS SECURES PLANNING CONSENT FOR LIVERPOOL SITE
Unite Students, the UK's leading developer and manager of
student accommodation, has secured a planning consent for a
development in the centre of Liverpool for 1,085 student bedrooms.
The total development pipeline, to be delivered in the next three
years, is now over 5,000 beds providing further visibility to our
earnings growth outlook.
The new scheme will be built alongside our Grand Central student
village, which is 99% let for the 2016/17 academic year, and will
provide a home for over 2,500 students in the new combined
building. This will increase our presence in a key market for Unite
Students and we will continue to drive efficiencies from the scale
of the building and from our new operating system PRISM.
The new property will provide a well-located student hub serving
the University of Liverpool and Liverpool John Moores University,
close to Liverpool's Lime Street station and the new university
student campus. It is anticipated that the new development will be
open in time for the 2019/20 academic year.
The site was acquired in April 2016 and planning has been
delivered in under six months. The scheme is expected to achieve
returns in line with Unite's targets for regional development and
will contribute approximately two pence per share to EPRA Earnings
once it is completed and occupied. The total development cost,
including the cost of the land, is expected to be approximately
GBP70 million. The delivery of the scheme will be funded by
internally generated sources and will continue to drive the Group's
earnings visibility and NAV growth.
Richard Simpson, Managing Director of Property for Unite
Students, commented: "We are delighted to have secured planning
consent for this site in Liverpool, which is one of the UK's most
popular university cities, with a growing student population and
where we have significant experience having operated for over 15
years. This development will help to meet the strong demand for
student accommodation and provide a safe and secure home for
students. We will continue to progress our secured pipeline which
remains focused on regional locations with strong student
markets."
ENDS
For further information, please contact:
Unite Students
Joe Lister, Chief Financial Officer Tel: +44 117
Felicity Cowie, Senior Public & 302 7240
Corporate Communications Manager
Bell Pottinger
Victoria Geoghegan Tel: +44 20
Nick Lambert 3772 2562
Elizabeth Snow
Notes to editors:
About Unite Students
Unite Students is the UK's largest and most established manager
and developer of purpose-built student accommodation. It provides a
home for around 50,000 students, in more than 140 properties,
across 28 leading university cities in England and Scotland. Unite
works in partnership with more than 60 Higher Education
institutions and also lets rooms directly to students.
Unite's purpose is to provide a home to its culturally-diverse
customers, offering them a strong foundation for academic and
personal success. The accommodation is high quality, safe and close
to university campuses, transport links and local amenities.
Students live in ensuite study bedrooms with rents covering all
bills, insurance, 24-hour security, fortnightly cleaning of
communal kitchens and bathrooms and high speed Wi-Fi.
Founded in 1991 in Bristol, The Unite Group plc is a FTSE250
company, listed on the London Stock Exchange, employing more than
1,250 people. It pursues a sustainable growth strategy, designed to
make the most of the resilient nature of the student accommodation
sector. Unite is focused on maintaining its position as the leading
provider of student accommodation in the UK, by having the best
brand, operating the highest quality portfolio and maintaining the
strongest capital structure in the sector. This is achieved with
consistent investment in, and improvement to, the operating
platform; highly selective development activity and asset
management initiatives.
Unite is invested in and operates a small number of specialist
funds and joint ventures with institutional investment partners,
the largest of which is the GBP2 billion Unite UK Student
Accommodation Fund (USAF).
Unite is the founder and major donor of the Unite Foundation.
Since 2012 this has provided free student accommodation and
financial support to 160 young people in the UK who lack family
support.
For more information you can visit Unite's corporate website
www.unite-group.co.uk, the student site www.unite-students.com or
the Unite Foundation site www.unitefoundation.co.uk.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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