UK student accommodation specialist Unite Students has acquired a £195 mln (€221 mln) development site in London.
The new property, with an estimated development yield of 6.25%, will provide around 1,000 beds and is set to be completed for the 2021/22 academic year.
The acquisition is subject to planning consent and is being supported through planning by Kings College London, with a view to securing a long-term nomination agreement.
Richard Smith, CEO of Unite Students, commented: 'This is our first major development in London since 2013 and represents an important return to the City with the support of one of the UK’s leading universities.'
Unite Students currently provides homes for almost 50,000 students in more than 140 properties across 24 leading university towns and cities in England and Scotland. It also has a further 8,000 beds in the pipeline.
