Unite Students has purchased two student development schemes for £56 million in Durham and Birmginham.

The developer has acquired a 222-bed project in Durham, as well as a 418-bed scheme in Selly Oak, Birmingham.

Elsewhere, the company has sold a 128-bed studio scheme in central London for £42m.

Unite said the transactions supports its strategy of "concentrating its portfolio alongside high-ranking universities with a structural demand and supply imbalance and focusing on cluster flat accommodation rather than single occupancy studios".

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Richard Simpson, Group Property Director, said: "These transactions demonstrate our strategy of investing in new, larger and more efficient properties with cluster flat accommodation, available at a lower price point for students. We will continue to deploy funds from the disposals made at the start of the year to further improve the quality of the portfolio and to extend our highly accretive development programme in strong regional locations with top-ranked universities like Durham or Birmingham, where we see the most sustainable growth."

Image: CGI of 222-bed scheme in Durham.

(LM/MH)