The Unite Group plc, the UK's leading manager and developer of student accommodation, announces the quarterly property valuation of the Unite UK Student Accommodation Fund (‘USAF’) and the London Student Accommodation Joint Venture (‘LSAV’) as at 30 September 2018.
At 30 September 2018, USAF’s property portfolio was independently valued at £2,229 million, representing a like-for-like increase of 1.1% during the quarter. The portfolio comprises 23,483 beds in 63 properties across 21 University towns and cities in the UK.
LSAV’s investment portfolio was independently valued at £1,211 million, up 1.6% in the quarter on a like-for-like basis. LSAV’s investment portfolio comprises 8,354 beds across 12 properties in London and Aston Student Village in Birmingham.
The increase in valuations is driven by rental growth recognised in the quarter. The overall USAF portfolio is valued at a blended yield of 5.3% and LSAV’s portfolio at 4.6%.
As we enter the final stages of the lettings cycle for the 2018/19 academic year, Unite Students has achieved a strong lettings performance across its whole portfolio with 98% of bed spaces let.
Joe Lister, Unite Students Chief Financial Officer, commented:
“We have delivered another strong reservations performance for 2018/19, demonstrating the continued demand for our rooms and services. The performance is driven by our focus on long-term partnerships with high-quality universities and our investment in locations where demand for purpose-built student accommodation is the strongest.”
For further information, please contact:
Joe Lister, Chief Financial Officer
Tel: +44 117 302 7005
Candice Macdonald, Head of Corporate Communications
Tel: +44 7525 592521
Mazar Masud or Victoria Heslop
Tel: +44 20 7250 1446