Student accommodation provider Unite Students has reached an agreement with a contractor to recover 75% of cladding remediation costs from five of its buildings.
The company said in its latest trading update that it completed building safety remediation works on 16 of its 162 buildings in 2023.
It added that remediation work for the second half of 2023 is expected to reach £69m. “We ultimately expect to recover 50-75% of total cladding remediation costs through claims from contractors, although the settlement and recognition of these claims is likely to lag costs incurred to remediate buildings. This will result in a greater level of net spend in the earlier years of the programme.”
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