Unite Group PLC Acquisition (9861V)

TIDMUTG

RNS Number : 9861V

Unite Group PLC

09 November 2017

09 November 2017

THE UNITE GROUP PLC

("Unite Students", "Unite", the "Group", or the "Company")

UNITE STUDENTS ACCOMMODATION FUND (USAF) ACQUIRES 437-BED PROPERTY IN SHEFFIELD

Unite Students, the UK's leading manager and developer of student accommodation, announces that Unite Students Accommodation Fund (USAF) has acquired Brass Founders in Sheffield for GBP35.5 million (Unite share GBP8.4 million).

Brass Founders is located on Scotland Street, a few minutes' walk from both the University of Sheffield and Sheffield city centre. The 437 beds are fully let for the 2017/18 academic year.

The acquisition supports Unite's strategy of aligning alongside high quality Universities in the UK. The University of Sheffield is ranked 13(th) in the UK in the 2018 Times Higher Education rankings and was awarded a silver Teaching Excellence Framework (TEF) rating.

Richard Simpson, Group Property Director at Unite Students said:

"This acquisition demonstrate our strategy of building and acquiring quality student property close to high-ranking universities, where student numbers are growing. We have strong existing relationships with universities in Sheffield and we are confident that Brass Founders will provide students with a quality, affordable home in a great location."

-ENDS-

For further information, please contact:

 
             Unite Students 
              Joe Lister, Chief Financial Officer                       Tel: [phone] 
              Candice Macdonald, Head of Communications                 Tel: [phone] 
 
 

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 two specialist funds and joint ventures with institutional investment partners, the GBP2 billion Unite UK Student Accommodation Fund (USAF) and the GBP1 billion London Student Accommodation Vehicle (LSAV).

Unite is the founder and major donor of the Unite Foundation. The Foundation provides 160 young people in the UK who lack family support with free student accommodation and financial 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 www.unitefoundation.co.uk.

This information is provided by RNS

The company news service from the London Stock Exchange

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November 09, 2017 02:00 ET (07:00 GMT)