LONDON (dpa-AFX) - Unite Group plc (UTG.L) said Unite Students has exchanged contracts to acquire a new 800-bed development site in Paddington, central London from Travis Perkins plc on a subject to planning basis. Total development costs are estimated to be approximately 150 million pounds, to be funded from the proceeds of recent equity issue. The scheme is targeted for delivery for the 2023/24 academic year.
Unite Students also issued an update on check-in performance for the 2020/21 academic year. The company has let 88% of bed spaces across the whole portfolio for the 2020/21 academic year. Checked-in occupancy has increased to 80%. The company expects check-in performance and rent collection to date for 2020/21 to result in a reduction in rental income of up to 20% compared to 2019/20 (previously 10%-20%), excluding the impact of cancellations due to Covid-19. The company retained its guidance for EPRA EPS of 22-25 pence for fiscal 2020.
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