LONDON, Aug 12 (Reuters) - Unite Group (UTG.L), Britain's biggest developer of student housing, is to sell a superiority stake in its charged future developments to Oasis Capital, a Bahrain-based bank, the Financial Times was message on Wednesday.
The FT said the company, which is anticipate to communicate the deal later on Wednesday, is creating a 200 million pound ($330 mln) joint adventure to hold three schemes, all located in London, that will be delivered in 2010.
The FT said the company, which is anticipate to communicate the deal later on Wednesday, is creating a 200 million pound ($330 mln) joint adventure to hold three schemes, all located in London, that will be delivered in 2010.
Oasis will achieve a 75 percent ante in the new vehicle, and Unite will keep 25 percent, according to the FT report.
The acreage under development will be sold for as much as 90 million pounds ($148.5 mln) to the joint venture, the FT said, and the deal is assumed to help Unite's balance sheet, reducing net debt and freeing cash and unused debt conveniences for expansion. (Reporting by Kate Kelland. Editing by Bernard Orr)
The acreage under development will be sold for as much as 90 million pounds ($148.5 mln) to the joint venture, the FT said, and the deal is assumed to help Unite's balance sheet, reducing net debt and freeing cash and unused debt conveniences for expansion. (Reporting by Kate Kelland. Editing by Bernard Orr)
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