Student accommodation specialist Unite has recouped 75% of its building safety recladding costs in a recent round of remediation work on five blocks.
Unite is looking to recoup between 50 and 75% of costs from contractors as remediation work in the second half of 2023 hit £69m.
Remediation work was carried out on 16 buildings last year with another 10 scheduled to be upgraded this year.
Unite said: “We recently reached agreement with a contractor to recover 75% of our remediation costs relating to five buildings, a portion of which will be recognised in the Group’s year-end balance sheet.
“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.”