Unite Group, which develops and manages student accommodation, has acquired a zone 1 site in Camden, North London, from Travis Perkins, to which it will provide a new trading facility once the development is complete.
The transaction cost Unite £23.8m with funding provided by HSBC.
Unite secured planning permission for the building in August of last year, allowing it to build a range of cluster apartments and spacious studios. Construction of the 563-bed balance sheet scheme will begin in December 2012 and the property will open in 2014.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Richard Simpson, UNITE's Managing Director of Property, said: "Camden Town is the top London location for students and this scheme will provide rare, zone 1 cluster flats at affordable rents.
"This site purchase marks a further milestone in our target to expand our presence in the key London market, substantially. We expect London to continue to benefit from strong market fundamentals, with the supply/demand imbalance still a key factor, and we expect it to remain the most attractive and thereby resilient destination for UK and international students."
NR
-
Bitcoin hits new heights - is now a good time to invest?The value of Bitcoin has surged to a 20-month high. Why is Bitcoin rising and is now a good time to invest?
-
Gold hits record high - could it soar higher next year?
The yellow metal has hit a new all-time high. We look at market expectations for 2024, whether investors should sell and take profits, and how to invest in gold.
