AGM Statement

Unite Group PLC
06 May 2004

Date:                     6 May 2004
On behalf of:             The UNITE Group plc
Embargoed until:          0935 hrs


The UNITE Group plc
Chairman's AGM Statement



Trading Highlights



  • First quarter performance was in line with the Board's expectations.
  • First joint venture announced, for the development and operation of a
    1,162-bed student village in Sheffield.
  • Like-for-like reservations up 2.3%.
  • Higher education applications up 3.1%.



At today's Annual General Meeting, Geoffrey Maddrell, Chairman of UNITE, will
make the following statement on trading and market conditions:



'The Group's performance in the first quarter was in line with the Board's
expectations, with a notable success being the securing of our first joint
venture, with Lehman Brothers, to develop a 1,162 bed student village in
Sheffield. This unlocks new sources of development capital and should generate
greater investor interest in our sector.



We are operating in a buoyant and increasingly recognised market and Higher
Education applications remain strong. Figures released by UCAS on 29 April show
that applications for full-time undergraduate courses in the UK have increased
by 3.1% compared with the same point last year. Of particular interest is the
continued demand from overseas students with applications via UCAS from non-UK
students up by 14.7% over last year.



Reservation performance across UNITE's portfolio is generally strong.  As at 30
April 2004, reservations for the forthcoming academic year had been received for
70% of the portfolio (2003:76%) which, taking into account the impact of new
deliveries and the increased proportion of direct let properties in the
portfolio, represents a like-for-like increase of 2.3%.



Looking forward, we have a secure pipeline of future development opportunities
and the capital required to fund the build-out programme. The Board has every
confidence that UNITE will make good progress against its strategy to deliver
shareholder value through sustainable growth in its portfolio and build upon its
position as the UK's leading provider of student accommodation.'



Enquiries:



The UNITE Group plc

Nicholas Porter, Chief Executive Officer                    Tel: [phone]
Mark Allan, Group Finance Director



Redleaf Communications Ltd                                  Tel: [phone]
Emma Kane                                                   Mob: [phone]


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