Unite Students and Manchester Metropolitan University (MMU) have entered into a GBP 390 million (US$ 518 million) joint venture to redevelop the university's Cambridge Halls site in Manchester city centre.

The project aims to deliver 2,300 new student beds by 2029 and 2030, replacing the existing 770-bed accommodation built in the 1990s. Unite Students will hold a 70% stake in the joint venture, acting as the developer, asset manager, and operator. MMU will own the remaining 30%, contributing the land value of the Cambridge Halls site. Unite's equity contribution is expected to be approximately £125 million, funded from internal resources. The remaining financing will come from debt secured against the joint venture. Demolition of the existing Cambridge Halls is scheduled to begin later this year, with construction starting in 2026. The development will be delivered in phases, with completion expected in 2029 and 2030. 

The company, to support the university's accommodation requirements during the development phase, has separately entered into a five-year nomination agreement for 2,550 beds in other Unite Students' properties in Manchester. Submission of the planning application for the development is expected later in Q2. This would support the formation of the JV around the end of 2025.