Home Regeneration Completed Projects Gosford Gate Sold As Part of £88 Million Property Deal

Gosford Gate Sold As Part of £88 Million Property Deal

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Gosford Gate

The recently completed Gosford Gate development on Far Gosford Street has been sold as part of a £88.4 million acquisition by USAF.

Unite Students has announced the sale of two its properties, including of Greetham Street in Portsmouth and Gosford Gate in Coventry. Together the two properties boast 1,122 beds and were both completed in 2016. The two sites are fully let for the 2016/17 academic year generating an income yield on cost of 9.3%.

The disposals increase sales in the year to over £110 million and have been funded by a new £100 million 5-year facility provided by Wells Fargo. Unite have a 23% stake in USAF and the acquisitions are seen to further strengthen the quality of USAF’s portfolio and increase returns for USAF investors.

Joe Lister, Chief Financial Officer of Unite Students, commented: “We are delighted to have sold two assets to USAF, recycling capital from our development programme providing capital to deploy into new development opportunities, while also enhancing USAF’s portfolio and returns.”

Gosford Gate is a key element of a wider scheme to rejuvinate the Far Gosford Street area and to undo the damage caused by the development of Sky Blue Way. The development has been warmly received and praised for repairing the streetscape and creating a sense of containment by filling the gap created by the development of the Sky Blue Way in the 1980s.

View this development from start to finish:

Coventry - Gosford Gate

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