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 2018. At 30 June 2018, USAF’s property portfolio was independently valued at £2,315 million representing a like-for-like increase of 1.2% 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 £1,204 million, up 2.5% 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 USAF and six basis points of yield compression in LSAV. The overall USAF portfolio is valued at a blended yield of 5.4% and LSAV’s portfolio at 4.6%. Reservations for the 2018/19 academic year are progressing strongly with 89% of bed spaces let across all Unite properties, in line with the same point last year.
Joe Lister, Unite Students Chief Financial Officer, commented:
“Reservations for 2018/19 continue to perform strongly, in line with prior year, demonstrating the continued demand for our rooms and services. The strong 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 Communications
Tel: +44 7525 592521