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Student developer Unite plans £125m regional projects

Student accommodation specialist Unite has announced it is raising money to fund a £125m regional development programme.

Unite has identified development opportunities in cities outside of London and plans to build accommodation for around 2,500 students.

It estimates that the development cost of its plans will be around £125m.

The company has announced plans to place 16m new shares, which is expected to raise around £50m. It intends to use the proceeds to fund the projects together with senior debt.

Unite said: “Attractive development opportunities are emerging in a highly select number of regional locations as a result of a significant demand/supply imbalance coupled with land and build costs being at historic lows.”

The company added that two of its existing projects for 378 beds at Kingsmill Lane, Huddersfield, and 442 beds at Trenchard Street, Bristol, scheduled to be delivered in 2014 and 2015 respectively, are good examples of regional projects it wants to undertake.

The proposed regional development programme will be pursued alongside the Unite’s existing activities in London, which are funded through its London student accommodation joint venture.

Unite said 40 per cent of the joint venture’s capital is committed to two development projects in London and it is confident of securing the remaining target projects by late 2014.

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