Unite raises €350m to fund two student housing schemes
Unite has raised £300 million (€350 million/$387 million) through a placing, subscription and retail offer of shares to fund two new development schemes.
Proceeds will be used to commit to two additional development schemes in Bristol and London, with a total development cost of £277 million (€323 million/$358 million) and accelerate asset management initiatives through a further £50 million (€58 million/$65 million) of projects for delivery in 2024 and 2025.
“The net proceeds will be used to commit to two additional developments, increasing our committed pipeline to over £600 million [€700 million/$775 million], as well as increasing investment into our existing estate through asset management projects, which will enhance future returns,” noted CEO Richard Smith. “These investments will allow Unite to continue to play a major role in creating new supply of high-quality, affordable accommodation where the need is greatest, as well as supporting the gr