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Unite Group enters into JV framework agreement with Manchester Metropolitan University
(Sharecast News) - Student accommodation business Unite has entered into a joint venture framework agreement with Manchester Metropolitan University for the development of 2,300 new student beds at the University's Cambridge Halls site in Manchester city centre for delivery in 2029 and 2030. Unite said on Thursday that Manchester Metropolitan University has committed to closing the existing accommodation on the site, with work due to commence on-site later in 2025 and construction expected to commence in 2026.
The FTSE 100-listed group said total development costs for the project will be roughly £390.0m, with Manchester Metropolitan University owning a 30% stake in the JV, reflecting the contribution of the Cambridge Halls site.
Unite's equity commitment was expected to be around £125.0m for a 70% stake, which will be funded from internally generated sources, with the remaining funding coming from debt secured against the JV.
The project was expected to deliver returns comparable with developments in regional cities, which also reflects the fees Unite will receive as development and asset manager to the JV. To support the University's accommodation requirements during the development phase, the company has separately entered into a five-year nomination agreement for 2,550 beds in other Unite Students' properties in Manchester. Submission of the planning application for the development was expected later in Q2, which would support the formation of the JV around the end of 2025.
As of 0815 BST, Unite shares were up 0.12% at 861.50p.
Reporting by Iain Gilbert at Sharecast.com
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