UK student accommodation specialist Unite Students has entered an option agreement to acquire a new 800-bed development scheme in central Glasgow, subject to planning.
The group expects to deliver the scheme as a university partnership with at least half of the beds to be let on a multi-year nominations agreement to a leading university. The scheme has a total development cost of £95 million (€110 million) and is expected to deliver a yield on cost of around 7.5%, Unite said.
Planning approval is targeted during H1 2024, enabling delivery for the 2026/27 academic year. The group expects to fund the project from capital recycling through disposals. The new development will increase Unite’s portfolio in the city to 3,000 beds.
Source: https://propertyeu.info/Nieuws/Unite-secures-800-bed-project-in-Glasgow/32d20a7c-102e-4ccf-9855-6878b167749f, on 14.09.2023