Unite to raise £150m

1st Dec 2009 14:52

Student accommodation developer and manager Unite said it is in the final stages of raising about £150m to fund the expansion of its property portfolio. Binding subscription agreements have already been received for £133m from major third party institutional investors. In addition, the property fund has received applications for capital commitments totalling a further £23m, which are anticipated to be formalised within the next week. Final subscriptions are likely to be capped at a total of £150m, the group said. 'Since Summer 2009, UNITE has been instrumental in attracting considerable new investment to the sector, either on its own account or through its various co-investment vehicles; a clear demonstration of the value of the UNITE brand,' said chief executive Mark Allan.'As a result of these steps and this planned capital raising, both UNITE and USAF are now extremely well placed to take advantage of opportunities to invest in the sector over the coming years to consolidate further its market-leading position,' he added.