Construction News

15/06/2015

Unite Students Agree £271m Contract

Unite Students has agreed a £271 million student accommodation portfolio deal.

Unite's UK Student Accommodation Fund (USAF) acquired the 2,100 bed contracts from Ahli United Bank (AUB).

The acquisition increases USAF's property portfolio value by 16% from £1.64 billion to £1.91 billion, comprising 26,920 beds in 76 properties across 25 UK towns and cities.

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Five of the sites are located in existing USAF markets, London, Glasgow, Leeds and Birmingham.

The other three assets are located in Oxford, Durham and York.

CEO of Unite Students, Mark Allan, said: "Following its recent capital raising, we are delighted that USAF has been able to complete the acquisition of one of the highest quality portfolios in the market.

"The portfolio is highly complementary to USAF’s existing portfolio and we see real opportunities to drive additional value through the introduction of our brand and operating platform as well as specific asset management opportunities."

(LM)

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