Unite Group has acquired a development site in Leeds, slated to house a student residence it has estimated will cost around £80m to develop. The company said the site was acquired on a subject-to-planning basis and could provide a home for over 1,000 students. The new building is expected to be open for the 2020 academic year and deliver a yield on cost of 8%, it added. "The transaction reflects Unite's strategy of aligning its property portfolio with high-ranking universities where student numbers are growing whilst underpinning further earnings growth and visibility." the company said.
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