Unite Share News (UTG)

(ShareCast News) - Developer and manager of student accommodation Unite Group announced on Thursday that it has exchanged contracts to acquire a new development site in central Birmingham, on a subject-to-planning basis.The FTSE 250 firm said the site will eventually provide a home for around 600 students, once it obtains the necessary consents.Unite said total development costs, including the cost of land, are expected to total £40m, with the project expected to achieve returns in line with the company's target for regional development.The project is anticipated to be delivered by 2019, and will be funded by internally-generated sources.Unite's board said the site is in the heart of Birmingham city centre, close to Aston University and a short walk from Birmingham City University.The development is adjacent to an operational Unite building, and will increase the number of Unite beds in Birmingham to around 3,300 across five properties."This central Birmingham site fulfils our criteria for growth and investment returns in a strong, regional location and we are delighted to have exchanged contracts to acquire it," said Unite's managing director of property, Richard Simpson."Birmingham is a thriving university city and home to four higher education providers, offering a wide range of highly respected courses."When complete, the new property will provide a safe and secure home for the growing number of students attracted to Birmingham," Simpson added.