Unite Group inks £56m deal for two student properties

Unite Students has agreed a deal to purchase two new student blocks of flats in Durham and Birmingham for £56m after selling a studio scheme in central London for £42m.

The Unite Students Accommodation Fund bought the 222-bed development in Durham and the 418-bed scheme in Birmingham to offer accommodation in two areas that are home to a combined student population of around 53,000.

The move is part of a larger strategy by Unite to focus their operations towards blocks of flats rather than single occupancy studios.

"These transactions demonstrate our strategy of investing in new, larger and more efficient properties with cluster flat accommodation, available at a lower price point for students," said Unite property director Richard Simpson.

"We will continue to deploy funds from the disposals made at the start of the year to further improve the quality of the portfolio and to extend our highly accretive development programme in strong regional locations with top-ranked universities," he added.