Unite Group, a provider of student accommodation, yesterday (Thursday) launched a £273.5m asset-backed bond issue designed to clear borrowings and leave it with some £39m to invest.
The company is issuing three 25-year bonds, which will be backed by different properties in its portfolio. The portfolio has an estimated market value of £351m and generates net rents of £23.3m.
Unite also said it has acquired a site near Stroud to produce fully-furnished bedroom and bathroom modules.
Financial Times 05/04/02 page 21
The Daily Telegraph 05/04/02 page 37
