Unite acquires two new properties in central Bristol – 23 September 2016
THE UNITE GROUP PLC
(“Unite Students”, “Unite”, the “Group”, or the “Company”)
UNITE ACQUIRES TWO NEW PROPERTIES IN CENTRAL BRISTOL
The Unite Group plc, the UK’s leading developer and manager of student accommodation, has acquired two development sites in central Bristol. It is envisaged that the sites will provide homes for around 900 students subject to obtaining the necessary approvals, including planning consents.
We expect both sites to achieve returns in line with Unite’s target for regional development and to be delivered in 2019. Total development costs, including the cost of the land, is expected to be £85 million.
The sites are well located to house students from both of the Universities in the city and provide Unite with an opportunity to further strengthen its relationships with two long term partners.
Richard Simpson, Managing Director of Property for Unite Students, commented:
“We are delighted to have acquired two high quality sites in Bristol. We look forward to developing these sites and adding more high quality student accommodation to our existing estate in a strategically important city.”