Unite to invest another £150m in student accommodation

Grant Prior 11 years ago
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Student accommodation giant Unite is planning to spend up to £150m on new schemes by the end of next year.

The firm confirmed its investment plans in its full year results today.

Unite chairman Phil White said demand for well located sites was still strong despite fears over the cost of tuition fees for students.

Development is already underway on a series of schemes across London due to deliver 2,800 bed spaces between 2012 and 20124.

Construction is also due to finish this summer on schemes in London, Manchester, Reading and Glasgow to provide another 1,277 beds.

Unite said: “Beyond this we intend to commit between a further £100m and £150m to new development activity by the end of 2012, to be funded by the disposal of selected assets from our investment portfolio to a similar value.”

White said: “We have a portfolio that is well positioned for continued rental growth, a well funded and attractive development pipeline that will add significantly to earnings in future years, financial capacity to add to this pipeline and carefully considered plans to grow the business further.”

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