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Unite Purchase 331-bed Edinburgh Scheme

Posted by Richard Ward in

Image courtesy of Flickr, Creative Commons

Unite Students has purchased 123 Fountainbridge in Edinburgh through the Unite Students Accommodation Fund (USAF) for £24 million, representing an acquisition yield of 6.0%.

The student accommodation is situated close to the University of Edinburgh's campus on Princes Street and consists of 331 beds. The scheme is reportedly 100% let for the 2017-18 academic year.

The latest purchase supports the company's strategy of aligning its property portfolio with high-ranking universities in the UK where student numbers are growing and creating further earnings growth and visibility.

The site adds to Unite's existing four assets in Edinburgh, taking the total number of beds to 1,680.

Commenting on the acquisition, Richard Simpson, Group Property Director, said: "Edinburgh is one of the leading university destinations, with increasing student numbers. Combined with our other four Unite sites in the city, 123 Fountainbridge offers further diversification within our portfolio providing students with one of the most affordable student accommodation options in the city centre. This is a great addition to our portfolio and at 100% occupancy for the 2017/2018 academic year, it is clearly proving a popular choice for Edinburgh's growing student population."