Last checked at 21 Jan 2009 14:00
Date: 21 January 2009
On behalf of: The UNITE Group plc
The UNITE Group plc ("UNITE" / "Company" / "Group")
UNITE APPOINTS PHIL WHITE AS NON-EXECUTIVE DIRECTOR
AND CHAIRMAN DESIGNATE
The UNITE Group plc, the UK's leading developer and manager of student accommodation, today announces the appointment, with immediate effect, of Phil White as an additional Non-Executive Director and Chairman Designate of the Company.
It is anticipated that he will succeed Geoffrey Maddrell who, as announced at the time of the Company's preliminary results in March 2008, will step down as Chairman of the Company at this year's Annual General Meeting, after almost ten years in the role.
Phil, 59, is currently Non-Executive Chairman of Kier Group PLC, the support services and property development group. He is also Non-Executive Chairman of Lookers plc, the franchised motor dealership group.
The majority of Phil's executive career was spent in the public transport sector, during an exciting period of deregulation and privatisation. He was Chief Executive of National Express Group plc from 1997 to 2006, leading the business through a period of considerable growth both in the UK and overseas. He was appointed CBE in 2002.
Nick Porter, UNITE's Deputy Chairman, who led the search for the Group's new Chairman, commented:
"Geoffrey has been instrumental in the growth and development of UNITE during his ten years as Chairman, overseeing the Group's evolution into the UK's largest developer and manager of student accommodation. On behalf of everyone at UNITE, I would like to thank him for his tireless dedication and leadership.
"Following a thorough search, we are delighted to welcome someone with the calibre and expertise of Phil to the Board. His deep knowledge and experience of both the public and private sectors and customer-facing organisations will be of enormous benefit to UNITE as we work to consolidate and grow our market-leading position."
Phil White added:
"It is a great privilege to join the Board of such an exciting company operating in a dynamic and growing sector. UNITE has built an excellent reputation through providing and managing accommodation for students across the UK, a specialist asset class which continues to attract strong demand and interest from consumers and investors. I look forward to working closely with the highly experienced management team to explore and realise the ongoing potential and future success of this unique business."
No further information is required to be disclosed pursuant to Listing Rule 9.6.13R.
ENDS
For further details, please contact:
| The UNITE Group plc Mark Allan | Tel: 0117 302 7004 |
| Financial Dynamics Stephanie Highett / Dido Laurimore / Rachel Drysdale / Laurence Jones | Tel: 020 7831 3113 |
About UNITE Group
UNITE Group is the UK's leading developer and manager of student accommodation, with a business model that focuses on three core areas;
Development: UNITE undertakes the acquisition, planning and development of purpose-built student accommodation in the UK.
Professional property management: UNITE is currently home to some 36,000 students in 23 towns and cities, with 99% occupancy across its portfolio.
Co-investing asset management: Working on behalf of its partners, UNITE acts as Fund Manager for the UNITE UK Student Accommodation Fund in addition to being 19% stakeholders. UNITE also heads up a number of Joint Venture partnerships.
UNITE often works closely with the universities and colleges, in order to deliver high quality, well-located student accommodation at affordable prices in strong higher education markets.
UNITE Group remains an attractive proposition for investors with student rents resilient to economic cycles, continued growth in student numbers, especially from overseas, and high occupancy levels across its portfolio,
Founded in 1991, UNITE Group is listed on the London Stock Exchange (UTG).
UNITE UK Student Accommodation Fund
UNITE Group established the UNITE UK Student Accommodation Fund ("USAF" / the "Fund") at the end of 2006. The Fund was initiated with the principal objectives:
to release capital that is tied up in mature, stabilised investment assets for investment into higher added value development activity;
to provide UNITE Group with more growth capital in the medium term;
to diversify UNITE Group's sources of income by providing a new, valuable revenue stream arising from management fees from the Fund; and
to provide financial returns to investors in the Fund.
The Fund helped transform UNITE Group's business model to that of a developer of new purpose-built student accommodation and manager of funds which own student accommodation properties operated by UNITE Group and in which the Company has a significant minority stake.
See our websites:
Investors and corporate: www.unite-group.co.uk
Students: www.unite-students.com
Graduates: www.livocity.com