Global legal practice Norton Rose Fulbright has advised J.P. Morgan and Numis as joint bookrunners and corporate brokers on The UNITE Group plc's £51.2 million fundraising.
The transaction, which involved a cash box placing to existing and new institutional investors, was announced on June 13, 2013 and dealings in the new shares commenced today, June 18.
UNITE is a leading UK developer and manager of student accommodation, providing homes to 42,000 students in over 130 properties across 23 of the UK’s strongest university cities. UNITE intends to use the net proceeds of the placing to acquire development sites and to fund a highly targeted regional development programme of approximately 2,500 beds, which is expected to offer compelling investment returns.
Corporate partners Mark Lloyd Williams and Tom Vita led on the transaction. Mark comments:
“We are delighted to have assisted J.P. Morgan and Numis on this successful placing. The transaction is indicative of UNITE’s strong performance over recent times and market leading position. It could also represent the beginning of the long awaited substantial investment in real estate outside London. We expect to see more activity in this area in the coming months.”
“The transaction also highlights the growing demand for multi-residential student accommodation in selected cities within the UK.”
The Norton Rose Fulbright team included senior associate Fiona Millington, and associates Amy Reed and Kirsten Anderson.
Osborne Clarke and Proskauer Rose LLP acted for UNITE.
The UNITE transaction is the latest in a series for Norton Rose Fulbright’s real estate ECM team, underlining its strong position in the sector. In the last 12 months the team has advised:
- Crest Nicholson (first major IPO of 2013) and Starwood (first listed real estate Debt fund and largest debt fund launch of 2012) on their London IPOs
- Joint bookrunners on Redefine's £127 million secondary offering( the largest real estate secondary of 2012)
- Picton on its refinancing and roll over offer of ZDPs.