The Unite Group has completed the formation of the £1 bn (EUR 1.4 bn) Unite UK Student Accommodation Fund. At the closing of the fund, equity commitments received from leading third party institutional investors totalled £297 mln, an increase of £31 mln above the level when the fund was announced in mid November.
The Unite Group has completed the formation of the £1 bn (EUR 1.4 bn) Unite UK Student Accommodation Fund. At the closing of the fund, equity commitments received from leading third party institutional investors totalled £297 mln, an increase of £31 mln above the level when the fund was announced in mid November.
About 51% of these commitments have been drawn to fund the acquisition of properties contributed to the fund by Unite, resulting in third party investors and Unite having interests of 61% and 39% in the fund respectively.
Unite, the UK's largest commercial provider of student accommodation, said the remaining 49% of equity commitments will be available to fund the purchase of future assets. When fully invested, the fund is expected to own student accommodation property worth over £1 bn.
