Unite Group PLC
25 June 2004
Date: 25 June 2004
On behalf of: The UNITE Group plc ('UNITE')
Embargoed until: 0930hrs
The UNITE Group plc
Investor Visit
Today, UNITE, the UK's largest provider of student accommodation, will be
hosting a visit for investors to its properties in Glasgow, where it operates a
total of 1,068 student beds. A further visit, to view the Group's Liverpool
operations, is also planned for Friday 2nd July.
As part of the presentations made to investors during the day, an update will be
given on the following:
• Marketing of UNITE's portfolio for the forthcoming academic year is
progressing well and reservations performance is again strong. The
directors are particularly pleased that, with the Group's direct let
portfolio having grown by 28% year on year, 80% of its total available
rooms have already been reserved for 2004/05. This compares to 82% at the
same time last year, when a greater proportion of reservations were secured
through leases or nominations agreements. Reservations across the mature
portfolio (excluding properties opening for the first time in September
2004) stand at 82%.
• The Group has been particularly successful in increasing the number
of 50 - 52 week tenancies sold. This is a key element in UNITE's strategy
for driving rental growth and profitability. To date the Group has secured
3,468 of these longer tenancies, representing 35% of the core direct let
portfolio available for such lets and a twofold increase over the
proportion sold last year (17%).
• Acquisition and development activity is continuing and the Group
remains on track to deliver approximately 5,000 beds for occupation in
2005. The development pipeline beyond 2005 is also strong with a similar
number of beds anticipated for delivery in 2006.
Except as mentioned above, no other material information will be provided to
investors.
Enquiries:
The UNITE Group plc
Nicholas Porter, Chief Executive Officer Tel: 020 7902 5055
Mark Allan, Group Finance Director
Redleaf Communications Ltd Tel: 020 7955 1410
Emma Kane Mob: 07876 338339
Further information on UNITE is available at www.unite-group.co.uk
This information is provided by RNS
The company news service from the London Stock Exchange
FE
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