UK student digs specialist Unite said on Thursday that it has raised £300 mln (€332 mln) to accelerate its growth strategy in London and the major UK provincial markets.
The company has placed 34 million shares at a price of 870 pence a share, representing a discount of 3% to the middle market closing price on 24 June 2020 of 897 pence.
‘The successful completion of this fundraise is further evidence of the strong investor support for Unite, our future prospects and the attractive fundamentals of the student accommodation sector,’ said Richard Smith, CEO of Unite.
He added: ‘We took the early decision to do the right thing by our students and forgo summer term rents and this has undoubtedly enhanced our brand and corporate reputation. We believe this will lead to new partnership opportunities as universities look for trusted partners who can provide safe and secure homes for their students.’
The proceeds will be used to accelerate growth opportunities in London and prime provincial markets where the firm sees continued strong demand for high quality, affordable accommodation, he noted.
