Student rooms developer offloads 14 properties

Aaron Morby 3 years ago
Share

The UK’s largest student rooms developer Unite has offloaded 14 properties, accommodating 3,436 bedrooms for £180m.

Discovery Heights in the centre of Plymouth city centre is one of the buildings being sold
Discovery Heights in the centre of Plymouth city centre is one of the buildings being sold

Many of the schemes are joint venture developments with Unite raising £85m from the deal to sell to media and property conglomerate Singapore Press Holdings.

Unite said the move was in line with its strategy to recycle capital by selling properties with lower than average growth prospects. It will reinvest into developments for high and mid-ranked universities, with the best long-term growth prospects.

The deal offers a net initial yield of 6.3% and is marginally below book value.
Richard Smith, Chief Executive of Unite Students, said: “The UK’s high and mid-ranked Universities are some of the most attractive for both home and international students, ensuring demand for our beds remains high.

“The transaction provides the investment capacity for our highly accretive development pipeline and target acquisitions that enhance our portfolio and support our earnings growth.”

Student properties being sold are located in Plymouth, Huddersfield, Sheffield, Birmingham, Bristol and London.

As a result of the disposal, Unite no longer has a presence in Plymouth or Huddersfield.

Latest news

Construction output surge sees cost inflation hit record high

Buyers report rises in input costs hit near 25-year high as materials shortages bite
6 hours ago

Fire at tower days before Grenfell-style cladding due to be removed

More than 40 people injured during blaze at 19-storey building
2 hours ago

Firms shortlisted for £140m Havant reservoir

Balfour, Hochtief and Mackley/Jones JV hunt main reservoir package
9 hours ago

Blackstone makes £1.2bn bid for St Modwen

Investment giant set to acquire big name developer
9 hours ago

London Chalcots towers £100m reclad out to bid again

Camden Council hopes to let Swiss Cottage estate reclad before the end of this year
23 hours ago

Balfour facing strike ballot over “insulting” pay offer

Industrial action ballot planned for workers on £1.5bn Central Rail System Alliance contract
1 day ago

Hill wins 142-home McArthurs Yard job in Bristol

Housing contractor bags first Bristol job at harbourside site
1 day ago

BarhaleDoosan to build organic waste water treatment works

Natural integrated wetland to be built at Clifton wastewater treatment works
8 hours ago

London Nine Elms 12-storey office approved

Construction to start this summer at former Royal Mail site
9 hours ago

Fresh price hike takes structural steel to £800 per tonne

Seventh price hike since last July sees steel sections rise by £50/t
1 day ago

Barratt problem concrete frames and cladding bill hits £163m

House builder sees demand and construction surge but legacy property charges rise
1 day ago

Materials shortages threatening pace of rebound

RICS survey reveals confidence running high but shortages could put brakes on recovery
2 days ago

Henry Boot rejigs senior management

New MDs appointed to head construction and plant operations
1 day ago

Procure Plus plans £1.3bn low carbon housing framework

Firms wanted to supply or fit solar panels and air and ground source heat pumps
1 day ago

Keltbray sells electrical engineering arm to management

MBO at Keltbray Lagan Power three years after contractor acquired majority stake in business
2 days ago

BAM awards £150m worth of Manchester arena packages

North West subcontractors win top billing at Co-op Live project
2 days ago

Contractor Kilnbridge sold to 800-staff ownership trust

Founder of £90m East London contractor sells to workforce trust
2 days ago

ISG chalks up £48m haul of school wins

Deals include a £12m pathfinder 'net zero' school in Bristol
2 days ago

Green light for £37m Dawlish train rockfall shelter

Work to start on 209m long track protection structure this August
2 days ago

Keltbray posts £9.4m loss due to Covid and restructuring

Specialist contractor confident about future with £25m net cash and £224m order book
3 days ago

Construction start date for £200m Basildon scheme

Work to start this autumn on Essex site being developed by Inland Homes and Homes England
2 days ago

New Buro Happold chief to double staff in six years

James Bruce aims rapidly to grow engineering consultant into a global player
3 days ago

Atkins raids Skanska for new finance director

Jo Jarman returns to consultant as new finance director
3 days ago

Kier wins £15m Braintree enterprise centre

Building work at Great Notley to start later this month
3 days ago

Big name concrete firms miss out on major HS2 deal

Skanska Costain Strabag JV awards major package to Kelly Formwork
3 days ago

Covid shakes-up Top 30 M&E contractors rankings

Several M&E firms grow despite 9% fall in revenue last year among top 30 specialists.
3 days ago

Bylor builds second Hinkley reactor shell a third faster

Next massive prefabricated steel ring section for reactor building lifted in by Big Carl
3 days ago

Plans in for 700-bed Nottingham student scheme

Next phase of The Island Quarter scheme submitted for approval
3 days ago

M Group rebrands Skanska highways arm as Milestone

New business launched as £50m takeover deal signed off
4 days ago

Henry Boot to start £110m Walsall logistics project

Remedial works to start at 620,000 sq ft Phoenix 10 logistics scheme
4 days ago

Contractor services