£24 million deal
Unite acquires fifth Edinburgh student block
Unite has four assets in Edinburgh
Unite Students, the UK manager and developer of student accommodation, has announced that Unite Students Accommodation Fund (USAF) has acquired 123 Fountainbridge in Edinburgh for £24 million.
The site consists of 331 beds and is 100% let for this academic year.
The transaction represents an acquisition yield of 6% and the supports Unite’s strategy of aligning its property portfolio with high-ranking universities in the UK where student numbers are growing, and creating further earnings growth and visibility.
123 Fountainbridge becomes Unite’s fifth asset in the city and increases the total number of beds to 1,680.
Richard Simpson, Group Property Director, Unite Students said: “Edinburgh is one of the leading university destinations, with increasing student numbers.
“Combined with our other four Unite sites in the city, 123 Fountainbridge offers further diversification within our portfolio.
“This is a great addition to our portfolio and at 100% occupancy for the 2017/2018 academic year, it is clearly proving a popular choice for Edinburgh’s growing student population.”