Unite Group has completed the purchase of a site in Camden, north London for a 563-bed student housing scheme.
Unite Group has completed the purchase of a site in Camden, north London for a 563-bed student housing scheme.
The largest developer-manager of student accommodation in the UK agreed to pay listed builders merchant Travis Perkins almost £24 mln (EUR 29 mln) for the site. HSBC bank provided debt funding for the transaction.
Unite, working in partnership with Travis Perkins (Properties), secured planning consent for the site in August 2011. Under the terms of the deal, Unite will provide Travis Perkins with a new trading facility on the ground floor of the development once it completes.
Travis Perkins will continue trading until November in the existing scheme. The Camden development will provide a range of cluster apartments and spacious studios. Construction of the 563-bed balance sheet scheme will begin in December 2012 and the property will open in 2014. Mansell Construction has been appointed as main contractor.
Located in the heart of Camden, the development is adjacent to the Royal Veterinary College and close to several other London higher education institutions and Kings Cross Station.
Savills advised Unite on the transaction.
