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 31 March 2017.
At 31 March 2017, USAF’s property portfolio was independently valued at £2,084 million representing an increase of 0.5% during the quarter. The portfolio comprises 24,176 beds in 68 properties across 23 University towns and cities in the UK.
LSAV’s investment portfolio was independently valued at £1,079 million (after the acquisition of Aston Student Village and recent portfolio disposal), up 0.6% in the quarter on a like for like basis. LSAV’s investment portfolio comprises 8,477 beds across 13 properties in London and Aston Student Village in Birmingham.
The increase in valuations is driven by rental growth with yields remaining stable in the quarter. The overall USAF portfolio is valued at an average yield of 5.6% and LSAV’s portfolio at 5.0%.
Reservations for the 2017/18 academic year are at record levels with 77% of the rooms booked (74% at the same point last year), at prices that support our full year rental growth outlook of 3.0-3.5%. The strong reservations performance reflects our continued focus of working alongside the UK's strongest Universities.
Joe Lister, Unite Students Chief Financial Officer, commented:
“Unite Students has delivered another strong performance in the first quarter of 2017, with reservations at record levels for this time of year and supporting our rental growth outlook of 3-3.5%.”
For further information, please contact:
Joe Lister, Chief Financial Officer
Caroline Hall, PA to Chief Financial Officer
Tel: +44 117 302 7005
Tel: +44 20 3772 2562