Peabody Unite, which has been managed by Unite since its inception in 1998, had a planned life-span of five years. It enabled Unite--at the time a small unquoted company--to enter the London market at lower risk and develop its student and key worker accommodation product and services. Both parties will continue to work together on projects in London.
Peabody Unite's net asset value at 31 December 2001 was £26.6 million ($37.5 million).
Peabody Trust chief executive Richard McCarthy commented: 'This highly successful joint venture with a private sector company shows that we can also be innovative in generating financial returns to further Peabody's wider charitable objectives.'
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