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 June 2017.
At 30 June 2017, USAF’s property portfolio was independently valued at £2,076 million representing a like-for-like increase of 0.9% during the quarter. The portfolio comprises 24,048 beds in 67 properties across 23 University towns and cities in the UK.
LSAV’s investment portfolio was independently valued at £1,084 million up 0.5% in the quarter. LSAV’s investment portfolio comprises 8,477 beds across 13 properties in London and Aston Student Village in Birmingham.
Valuation yields have remained stable and the USAF portfolio is valued at an average yield of 5.6% and LSAV’s portfolio at 5.0%.
Reservations for Unite’s portfolio stand at 89% for the coming 2017/18 academic year, compared to 87% at the same time last year, and is supportive of achieving target occupancy of 98% across the portfolio and rental growth of 3.0% - 3.5% for the full year.
Joe Lister, Unite Students Chief Financial Officer, commented:
“Reservations for 2017/18 continue to perform strongly, ahead of last year, demonstrating the continued demand for our rooms and services and the streamlined booking process. The demand is driven by our focus on long-term partnerships with 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) /
Caroline Hall (PA to Chief Financial Officer)
Tel: +44 117 302 7005
Allison Parkes-Norris (External Communications Manager)
Tel: +44 117 302 7177
Tel: +44 20 3772 2582