Unite sells stake to Gulf investor

Student accommodation company Unite Group is to sell a majority stake in its committed future developments to Oasis Capital, a Bahrain-based bank, in a sign of appetite from overseas investors in the UK specialist property sector.

The company, which is expected to announce the deal today, is creating a £200m joint venture to hold three schemes that will be completed in 2010, totalling 1,125 new beds, all located in London.

Oasis Capital Bank will acquire a 75% stake in the new vehicle. Unite, which usually retains a stake in its developments, will keep 25%.

The student flats, which will complete next year, are all that Unite has left to deliver after providing 2,772 bed spaces across 13 properties during 2009.

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