University Joint Venture
Unite Students, the UK’s leading owner, manager and developer of student accommodation, today announces that it has entered into a joint venture (‘JV’) framework agreement with Newcastle University for the development of 2,000 new student beds.
Highlights
· Long-term strategic partnership with a Russell Group university
· Total development costs of c.£250 million (Unite share: £128 million)
· Unite to act as development and asset manager to the JV with 51% ownership share
Unite Students and Newcastle University have contracted to form a JV to develop 2,000 beds at the University’s Castle Leazes site in Newcastle for delivery in 2027 and 2028. The Castle Leazes site currently provides c.1,250 beds and was built in 1969. Newcastle University has committed to close the existing accommodation on the site and commence demolition in the summer of 2024 …