Unite raises £300m to start two student schemes

Aaron Morby 2 years ago
Share

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

Unite Stratford scheme designed by architect AHMM
Unite Stratford scheme designed by architect AHMM

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.

Bristol Temple Quarter plan

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.

Paddington Baltic Wharf student accommodation scheme

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.”

 

Latest news

Man Utd confirm plan for £2bn ‘super-tent’ stadium

Club to press ahead with 100,000-seat 'Wembley of the North'
41 minutes ago

Government spending keeps profits edging-up at Kier

91% of work now with public sector and regulated companies
3 hours ago

Costain on track for step change to 5% margin

Alex Vaughan says order book has jumped £1.5bn to £5.4bn
3 hours ago

Mace tops February contracts league

Confirmation of £300m London Victoria Street project lifts firm to pole position
3 hours ago

Wates raids Laing O’Rourke for new construction operations chief

George Mosey leaves Laing O'Rourke after 16 years
17 hours ago

Travis Perkins CEO Pete Redfern steps down due to ill health

Redfern joined builders' merchant last year after 14 years at Taylor Wimpey
21 hours ago

Morgan Sindall wins £61m Liverpool lab scheme

Construction to start this Autumn on latest Knowledge Quarter project
3 hours ago

Glencar to build timber-framed office block

Work to start next month on 79,200 sq ft scheme in Maidenhead
24 hours ago

Shed specialist Marbank files administration notice

£67m turnover portal-framed building specialist files court notice
1 day ago

Birmingham council submits £1bn Druids Heath plan

High rise estate to be replaced by-3,500 home eco village
1 day ago

Cannabis farm gang posed as utilities contractor

Gang jailed for 28 years after diverting power to more than 100 cannabis farms
4 days ago

Firm fined after workers climb scaffold without ladder

HSE investigation prompted by death on Liverpool site
1 day ago

Clancy renews £250m Southern Water deal

Contractor vows to maximise value for money and minimise disruption
1 day ago

McLaren go-ahead for 314 flats Watford scheme

Police station and magistrates court to be demolished
1 day ago

Former Liverpool mayor charged in building contracts probe

Construction bosses also charged as part of Operation Aloft
4 days ago

Bidding to start for £700m Irish sea interconnector work

Work includes converter stations at Hunterston and Kilroot near Belfast
4 days ago

Muse to redevelop Durham County Hall HQ site

Morgan Sindall regen specialist seals another major development deal
4 days ago

Mace to transform Imperial College Great Hall

Work to start next month on ambitious refit
4 days ago

£100m plan to regenerate former Digbeth ironworks

Hartwell unveils 260,000 sq ft office and 240 homs plan
4 days ago

Legendre UK wins £21m London homes job for Clarion

Tower Hamlets building to be replaced due to building and fire safety issues
4 days ago

Construction buyers report fastest downturn since 2020

Double whammy of decreasing new orders and delayed projects
5 days ago

Bidders day for £15bn schools alliance framework

Online event to set out details of DfE alliancing framework procurement plan
5 days ago

MPs told safety regulator delays forcing industry job cuts

Industry chief warns housing select committee that BSR is now a main block on meeting housing targets
5 days ago

£600m delivery partner named for new hospital programme

Mace/T&T JV named programme delivery partner for £37bn new hospital plan
6 days ago

£230m Southampton waterfront scheme approved

Town Quay includes trio of 25 storey towers around new marina
5 days ago

Planning green light for £10bn Northumberland data centre

Blackstone-backed project will create 1,200 construction jobs
6 days ago

Bauhaus block above Southwark Station gets green light

Student accommodation and affordable housing scheme replaces original office plan
5 days ago

Police arrest plant hire fraud gang

Nine arrests after kit hired "with no intent of ever returning the machines"
6 days ago

Balfour Beatty boss Leo Quinn to step down

Group Chief Executive to be replaced by consultant AtkinsRéalis chief Philip Hoare
6 days ago

Galliford Try upgrades target as half-year profits jump 54%

Firm closes in on deal to take on ISG custodial work
6 days ago

Contractor services