Unite Students has acquired a student accommodation development site in Oxford.

The new purpose-built student accommodation will provide a total of 885 beds and will be delivered in time for the 2019-20 academic year. Development costs are expected to be in the region of £75 million, with anticipated returns in line with the company's targets for University Partnerships.

Unite has agreed commercial terms with Oxford Brookes University for 25-year nominations agreement covering the site, which will extend its partnership with the company to 1,350 beds.

Commenting on the deal, Richard Smith, CEO of Unite Students, said: "This acquisition represents another exciting step in Unite's strategy of building long term partnerships with high quality universities.

"It also shows our ability to continue adding to our market-leading portfolio of buildings in locations where there is a shortage of affordable high-quality student accommodation and we can exploit our service platform to drive operating efficiencies."

Meanwhile, Brendan Casey, Registrar and Chief Operating Officer at Oxford Brookes University, added: "Oxford Brookes University is pleased to be working with Unite to provide quality accommodation for students in Oxford. Purpose built, managed halls of residence is a preferred option for the University as it helps meet an increasing demand for student accommodation while relieving pressure on the local housing needs."