Unite Students has entered into a joint venture (JV) agreement with Manchester Metropolitan University to deliver 2,300 new student beds in the heart of Manchester, in a development valued at approximately £390 million.

The strategic partnership will see Unite Students hold a 70% stake in the JV and act as developer, asset manager, and operator in the Manchester deal. Manchester Metropolitan will retain a 30% stake, contributing its existing Cambridge Halls site, which currently provides 770 outdated beds and will be closed ahead of redevelopment.

Construction is expected to begin in 2026, with delivery of the new accommodation phases planned for 2029 and 2030. The project will significantly expand Unite’s footprint in Manchester, increasing its bed count in the city to nearly 8,000 and reinforcing a two-decade-long relationship with the university.

To support student housing needs during the redevelopment, Unite Students has also signed a five-year nomination agreement with the university for 2,550 beds in existing Unite properties across the city.

A planning application for the redevelopment is expected in the second quarter of 2025, with formal establishment of the JV anticipated by the end of the year. Unite’s equity commitment will be around £125 million, funded internally, with the balance financed through JV-secured debt.

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