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 2018.
At 31 March 2018, USAF’s property portfolio was independently valued at £2,284 million representing a like-for-like increase of 0.7% during the quarter. The portfolio comprises 25,218 beds in 71 properties across 23 University towns and cities in the UK.
LSAV’s investment portfolio was independently valued at £1,175 million, up 1.4% 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 and an average two basis points of yield compression in both portfolios. The overall USAF portfolio is valued at a blended yield of 5.4% and LSAV’s portfolio at 4.7%.
Reservations for the 2018/19 academic year are progressing strongly with 78% of bed spaces let, in line with the same point last year.
Joe Lister, Unite Students Chief Financial Officer, commented:
“Unite Students has delivered another strong performance in the first quarter of 2018. Reservations for the 2018/19 academic year remain ahead of last year’s run rate and support a positive rental growth outlook. Our reputation is underpinned by long-term, meaningful partnerships with leading Universities, allowing us to capitalise on our market-leading position in a sector that continues to demonstrate structural growth.”
For further information, please contact:
Joe Lister (Chief Financial Officer)
Tel: +44 117 302 7005
Candice Macdonald (Head of Corporate Communications)
Tel: +44 7525 592 521
Justin Griffiths / Mazar Masud
Tel: +44 20 7250 1446