Unite completes £167m capital raising

Unite, the student housing group, has completed a £167m capital raising for the Unite UK Student Accommodation Fund (USAF), which will be in part used to acquire five of its properties for £95.4m.

The acquisition from Unite comprises 905 bed spaces across five properties in London, Edinburgh, Exeter and Glasgow, taking the USAF portfolio to 58 properties in 18 cities.

USAF, in which Unite co-invests, provides a buyer for the properties developed by Unite as well as from third parties. Taking into account debt, USAF has the capacity to invest up to a further £225m in further acquisitions, as well as funding a programme of modest refurbishments of certain properties …

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