The Unite Group PLC has successfully concluded its capital raise, securing approximately £450 million through a combination of placing, subscription, and retail offers. This funding initiative, which saw the issuance of 50 million new ordinary shares, was facilitated by J.P. Morgan Cazenove and Deutsche Numis, the joint bookrunners.

The newly issued shares were priced at 900 pence each, slightly below the 23 July closing price of 924 pence, representing a 2.6% discount. This effort attracted significant interest from institutional investors, directors, and retail investors alike.

Chief Executive Officer Joe Lister commented, “This successful completion of our capital raise reflects the strong investor support for Unite Students and our growth prospects. The proceeds will support a doubling of our committed pipeline by year-end to over £1 billion and see us acquiring assets with asset management potential from USAF to enhance our future returns.”

The capital raise included substantial participation from company directors, who collectively subscribed for 13,886 new shares, bringing in approximately £125,000. Retail investors also contributed through the PrimaryBid platform, subscribing to 300,000 new shares and raising around £3 million.

The funds raised will be channelled into expanding Unite’s market-leading platform, specifically acquiring seven income-producing assets from the Unite Student Accommodation Fund, supporting a joint venture with Newcastle University, and committing to four new development schemes with planning approval.

This substantial capital injection will undoubtedly be mentioned at networking property events and upcoming property networking events in London and across the UK. It will also be a key topic at various property investment conferences in the region.

The Unite Group’s successful capital raise highlights the robust investor confidence in the UK’s student accommodation sector and signals significant growth potential for the company. This topic will likely be a focal point at future business investment events in Bristol and construction networking conferences throughout the UK.