Unite Students, the UK's leading developer and manager of student accommodation, reports that the Unite UK Student Accommodation Fund (USAF), in which the Group has a 22% stake, has exchanged contracts to acquire a 2,100 bed student accommodation portfolio for approx. €375 mln (£271 mln). The acquisition will be funded in cash from the proceeds of USAF’s recent equity raise, announced on 19 May 2015. The acquisition will be completed by 30 June 2015.
The portfolio, acquired from Ahli United Bank (AUB), which represents the entire AUB UK Student Accommodation Fund, comprises eight modern, high quality assets located across seven prime student accommodation markets that complement USAF’s existing portfolio. The acquisition increases USAF’s property portfolio value by 16% from approx. €2.3 bln to €2.6 bln (£1.64 bln - £1.91 bln) comprising 26,920 beds in 76 properties across 25 UK towns and cities.
Source: Unite Group