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Unite Group PLC on Thursday said its Unite Students arm will donate 1% of annual profit, worth about £2 million per year, to social initiatives.
The money will go toward Unite Students' 'Leapskills' programme, which helps young people make the transition to university life. Another beneficiary will be the Unite Foundation, which provides free accommodation for people leaving social care and for students estranged from their families.
FTSE 250-listed Unite Group is a real estate investment trust. Unite Students is the UK's largest provider of student accommodation, with 172 properties in 25 locations across England, Scotland and Wales. Altogether, the Bristol-based company provides housing for 74,000 students.
‘We have a long track record of funding social initiatives, but this new commitment ensures a sustained positive social impact,’ said Unite Students Chief Executive Richard Smith.
Unite Group shares were down 0.6% at 1,128.00 pence in London on Thursday afternoon. The stock is down 4.3% over the past 12 months.
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