Quarterly Valuation Update for USAF and LSAV

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 £2,076 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 £1,084 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) / Caroline Hall (PA to Chief Financial Officer) Allison Parkes-Norris (External Communications Manager)	Tel: [phone] Tel: [phone]
Bell Pottinger Elizabeth Snow	Tel: [phone]

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 £2 billion Unite UK Student Accommodation Fund (USAF) and the £1 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

 

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