Unite makes acquisitions in Liverpool and Aberdeen

10th Oct 2014 07:06

Student accommodation group Unite has acquired two new development sites, adding around 1,250 new beds to its current total.The two schemes, located in Liverpool and Aberdeen, are expected to achieve returns in line with Unite's targets for regional development of 9.5-10% yield on cost and have a combined total development cost of around £80m.The projects are scheduled to open in time for the 2017/18 academic year, when they will add around 12p to the net asset value per share and approximately 2.5p per annum to earnings per share. Richard Simpson, Managing Director of Property for Unite Students, said: "We are delighted to have secured two more excellent sites in strong regional locations in line with our development strategy. The new schemes will enhance our presence in two of our best performing markets and provide much needed accommodation capacity for the growing student populations."The acquisition of these sites means that we have now secured approximately 60% of our target 2017 pipeline, providing greater visibility of our future earnings growth."