Unite Group plc (GB:UTG) has released an update.
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Unite Group plc has announced a significant capital raise of £450 million to expand its presence in the lucrative student accommodation market. This strategic move aims to bolster their high-quality portfolio and support the planned joint ventures with universities like Newcastle University, as well as to develop new projects, with expectations of accretive earnings and robust total accounting returns starting from 2025. The capital injection will be sourced from a mix of new ordinary shares, including a retail offer and director subscriptions, with the company maintaining strong balance sheet targets post-fundraising.
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