Unite raises £300m to start two student schemes

31/8/23

Student room developer Unite has completed a £300m share cash raise to fund two more big development schemes.

Earlier this year Unite bought a site in London Stratford, known as Jubilee House, for its next major project.

It has full planning consent for a 36-storey tower providing 716 beds for students at a total development cost of £192m.

The development in Farthingale Walk will be built by RG Group and also incorporate 65,000 sq ft of academic space.

Unite is also advancing two schemes in Bristol totalling over 1200 rooms with a combined development cost of £165m.

These are the Temple Quarter and Freestone Island projects, due to be completed for 2025 and 2026 academic years respectively.

Also in the pipeline but for completion in 2027, Unite has plans for a £150m London Paddington scheme of nearly 600 beds at a former Travis Perkins builders' merchant site and in East London a £200m project of 950 beds known as Meridian Square.

Richard Smith, chief executive officer of Unite, said: "The successful completion of this fundraise is further evidence of the strong investor support for Unite, our future prospects and the structurally attractive supply and demand dynamics of the student accommodation sector.

"The net proceeds will be used to commit to two additional developments, increasing our committed pipeline to over £600m, as well as increasing investment into our existing estate through asset management projects, which will enhance future returns."

Source; Construction Enquirer