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 2019.
At 31 March 2019, USAF’s property portfolio was independently valued at £2,266 million, representing a like-for-like increase of 0.5% 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 £1,262 million, up 1.5% 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 primarily by rental growth across the portfolio which is in line with the first quarter in 2018 and supports our outlook of 3.0-3.5% for the whole of 2019. The USAF portfolio is valued at an average yield of 5.3% and LSAV's portfolio at 4.5%.
Reservations for the 2019/20 academic year are progressing strongly with 79% of bed spaces let (compared with 77% at this time last year).
Joe Lister, Unite Students Chief Financial Officer, commented:
“Unite Students has delivered another strong performance in the first quarter of 2019. Reservations for the 2019/20 academic year are in line with last year’s run rate and support a positive rental growth outlook.”
For further information, please contact:
Joe Lister, Chief Financial Officer
Tel: +44 117 302 7005
Candice Macdonald, Head of Communications
Tel: +44 7525 592521