Unite Group PLC Quarterly Valuation Update for USAF and LSAV (5138K)
July 10 2017 - 2:00AM
UK Regulatory
TIDMUTG
RNS Number : 5138K
Unite Group PLC
10 July 2017
Press release
10 July 2017
THE UNITE GROUP PLC
("Unite Students", "Unite", the "Group", or the "Company")
QUARTERLY VALUATION UPDATE FOR THE UNITE UK STUDENT
ACCOMMODATION FUND AND THE LONDON STUDENT ACCOMMODATION JOINT
VENTURE
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 GBP2,076 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 GBP1,084
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."
ENDS
For further information, please contact:
Unite Students
Joe Lister (Chief Financial Officer) Tel: +44 117
/ 302 7005
Caroline Hall (PA to Chief Financial
Officer) Tel: +44 117
Allison Parkes-Norris (External 302 7177
Communications Manager)
Bell Pottinger
Elizabeth Snow Tel: +44 20
3772 2582
Notes to editors:
About Unite Students
Unite Students is the UK's largest and most established manager
and developer of purpose-built student accommodation. It provides a
home for around 50,000 students, in more than 140 properties,
across 28 leading university cities in England and Scotland. Unite
works in partnership with more than 60 Higher Education
institutions and also lets rooms directly to students.
Unite's purpose is to provide a home to its culturally diverse
customers, offering them a strong foundation for academic and
personal success. The accommodation is high quality, safe and close
to university campuses, transport links and local amenities.
Students live in ensuite study bedrooms with rents covering all
bills, insurance, 24-hour security, fortnightly cleaning of
communal kitchens and bathrooms and high-speed Wi-Fi.
Founded in 1991 in Bristol, the Unite Group plc is a FTSE250
company, listed on the London Stock Exchange, employing more than
1,250 people. It pursues a sustainable growth strategy, designed to
make the most of the resilient nature of the student accommodation
sector. Unite is focused on maintaining its position as the leading
provider of student accommodation in the UK, by having the best
brand, operating the highest quality portfolio and maintaining the
strongest capital structure in the sector. This is achieved with
consistent investment in, and improvement to, the operating
platform; highly selective development activity and asset
management initiatives.
Unite is invested in and operates two specialist funds and joint
ventures with institutional investment partners; the GBP2 billion
Unite UK Student Accommodation Fund (USAF) and the GBP1 billion
London Student Accommodation Vehicle (LSAV).
Unite is the founder and major donor of the Unite Foundation.
Since 2012, this has provided free student accommodation and
financial support to 160 young people in the UK who lack family
support.
For more information, you can visit Unite's corporate website
www.unite-group.co.uk, the student site www.unite-students.com or
the Unite Foundation www.unitefoundation.co.uk.
LEI: 213800BBUUWVDH9YI827
This information is provided by RNS
The company news service from the London Stock Exchange
END
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