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Unite Group acquires London site from Travis Perkins
StockMarketWire.com
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Student accommodation provider Unite Group has acquired an 800-bed development in Paddington in central London.
It has exchanged contracts with Travis Perkins to acquire the site. Development costs are estimated at £150 million, to be funded from Unite's recent equity issuance.
Subject to planning approval, Unite said it aimed to have the site operational for the 2023-24 academic year.
The accommodation would deliver a development yield in line with the company's enhanced targets for university partnerships in central London, it said.
The development would also include a ground floor retail unit for Travis Perkins.
Unite also announced that it expected a reduction in rental income of up to 20% compared to 2019-20.
At 9:32am:
(LON:TPK) Travis Perkins PLC share price was 0p at 1295p
(LON:UTG) Unite Group PLC share price was 0p at 1072p
Story provided by StockMarketWire.com
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