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Unite Group PLC on Monday said the construction of over 2,000 new student beds is underway at Castle Leazes, as the company finalised its joint venture with Newcastle University. The Bristol, England-based student accommodation provider said the joint venture funding was completed following approval by the UK Building Safety Regulator. The development of 2,009 students beds will replace the university’s former 1,250-bed accommodation, which was demolished last year. Unite Students said it will hold a 51% ownership stake, acting as developer, asset manager and operator to the joint venture, while Newcastle University will hold 49% and contribute the Castle Leazes site on a 150-year lease. Phase one, which comprises 788 beds, will open in time for the start of the 2028/29 academic year, while phase two, which is 1,221 beds, is planned for 2029/30, the company said. The agreement with Newcastle University forms part of Unite’s pipeline of 4,300 new beds in university partnerships for delivery between 2028 and 2030. ‘Purpose-built student accommodation is fundamental to the UK’s higher education sector, and this partnership demonstrates the real benefits such collaborations can deliver for students, universities and local communities,’ said Chief Executive Joe Lister. ‘It also reflects Unite’s wider programme of long-term university partnerships, where we are targeting one new agreement each year.’ Shares in Unite fell 0.9% to 543.00 pence on Monday morning in London. Copyright 2025 Alliance News Ltd. All Rights Reserved.
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