- Student accommodation provider Unite Group has acquired an 800-bed development in Paddington in central London.

It has exchanged contracts with Travis Perkins to acquire the site. Development costs are estimated at £150 million, to be funded from Unite's recent equity issuance.

Subject to planning approval, Unite said it aimed to have the site operational for the 2023-24 academic year.

The accommodation would deliver a development yield in line with the company's enhanced targets for university partnerships in central London, it said.

The development would also include a ground floor retail unit for Travis Perkins.

Unite also announced that it expected a reduction in rental income of up to 20% compared to 2019-20.

At 9:32am:

[LON:TPK] Travis Perkins PLC share price was 0p at 1295p

[LON:UTG] Unite Group PLC share price was 0p at 1072p

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