In QuotedData’s morning briefing on 19 February 2024:
- Unite Students (UTG) has entered into a joint venture framework agreement with Newcastle University for the development of 2,000 new student beds. The scheme will replace an existing student accommodation building at the university’s Castle Leazes site in Newcastle. The Castle Leazes site currently provides 1,250 beds and was built in 1969. Newcastle University has committed to close the existing accommodation on the site and commence demolition in the summer of 2024. The estimated total development cost is £250m (Unite share: £128m), with delivery expected in 2027 and 2028. Unite will act as development and asset manager to the JV with 51% ownership share.