Unite Students, the UK manager and developer of student accommodation, has exchanged contracts on a development site in Oxford for an undisclosed sum.
In parallel, it has agreed commercial terms with Oxford Brookes University for a 25-year nominations agreement covering the site, which will extend its partnership with Unite to 1,350 beds. Planning consent for the development has been granted subsequent to exchange.
'This acquisition represents another exciting step in Unite’s strategy of building long term partnerships with high quality universities,' said Richard Smith, CEO of Unite Students. 'It also shows our ability to continue adding to our market-leading portfolio of buildings in locations where there is a shortage of affordable high quality student accommodation and we can exploit our service platform to drive operating efficiencies.'
The new development is expected to provide 885 new beds and will be delivered for the 2019/20 academic year with total development costs expected to be around £75 mln (€86 mln).
'Oxford Brookes University is pleased to be working with Unite to provide quality accommodation for students in Oxford,' said Brendan Casey, registrar and COO, Oxford Brookes. 'Purpose built, managed halls of residence is a preferred option for the University as it helps meet an increasing demand for student accommodation while relieving pressure on the local housing needs.'
