Unite launches £300m share placing

Student accommodation provider Unite Group has unveiled a £300m share placing, to grow its development pipeline. The firm is targeting three new schemes that are currently under offer for a total development cost of around £250m. It also plans to use the proceeds to capitalise on new university partnership and development opportunities in key cities. The price at which the shares will be placed will be determined at bookbuild close. Unite added that reservations for the 2020/21 academic year have reached 80%. It also plans to reinstate dividend payments following the start of the next academic year. Richard Smith, chief executive of Unite, said: “This placing will enable us to continue to invest in our market-leading platform and accelerate growth opportunities.” He added: “We see continued structural demand for higher education, driven by our expectations for a significant recovery in international student numbers, a return to demographic growth of 18-year-olds, and underpinned by a return to the full campus experience.” To send feedback, e-mail pui-guan.man@egi.co.uk or tweet @PuiGuanM or @estatesgazette