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13. April 2012     Print Print 

Unite sells Newington court to London Hostels Association

The Unite Group plc today announces the sale of its 87-bed property, Newington Court in Islington, to the LHA London Ltd. The sale, at book value, forms part of Unite’s selective disposal programme of smaller assets which are not core to its portfolio of over 130 properties. The disposal allows the Group to focus its investment on large developments such as the 951-bed scheme adjacent to the Olympic Park in Stratford for which it secured planning in December 2011.

Lee McLean, Asset Management Director, the Unite Group, said: “The sale of Newington Court marks good progress on disposal programme of smaller, non-core assets, and enables us to continue our ongoing development pipeline focused on London and a small number of other selected locations.”

Tony Perkins, Chief Executive of LHA said: “Newington Court represents a strategic purchase of a new breed of hostel accommodation providing en-suite and micro-flat accommodation for students within London.”