Unite Group Acquires Student Accomodation Site In Newcastle
The Unite Group PLC said it plans to acquire a student accommodation development project in Newcastle city centre from an unnamed firm, subject to achieving planning consent.
Although the financial terms of the deal were not disclosed, Unite said the 200,000 square foot scheme will have a total development cost of GBP31 million and is expected to deliver a 9.5%-10% yield on cost, in line with its target returns.
Unite said the project will be the first to be funded from the proceeds of its share placing in June and accounts for around 25% of the capital raised …