Re: Securitisation Report

Unite Group PLC
10 May 2007

10 May 2007


UNITE Releases Quarterly Securitisation Report



UNITE Finance One plc, the wholly owned subsidiary of The UNITE Group plc
established for the purposes of the Group's securitisation in April 2002, has
today issued its standard quarterly report to bondholders.



The report contains trading information relating to the Group's securitised
portfolio of student and key worker accommodation, comprising 9,636 beds, the
majority of which were completed prior to 31 December 2001 and representing
approximately 28% of the Group's total operational portfolio.



The securitised portfolio continues to perform in line with expectations:



  • Net revenues remain robust with the debt service coverage ratio for the
    year to April 2007 increasing compared to the previous twelve months at 125%
    versus 122% and the interest cover ratio improving to 143% from 137%.



  • Average occupancy stood at 93.4% for the twelve months to April 2007
    versus 92.6% for the twelve months to January 2007.





The full text of the Quarterly Securitisation Report is appended to this
announcement.









ENDS


Enquiries:

UNITE
Tony Harris, Chief Financial Officer                             0117 302 7000

Financial Dynamics
Stephanie Highett/ Dido Laurimore                                020 7831 3113

Further information on UNITE is available at www.unite-group.co.uk





Obligor Quarterly Report

Loan Determination Date: 24 April 2007
Date of Report: 10 May 2007

                                                                    Opening       Amortisation             Closing
                                                                    Balance                                Balance
                                                                          £                  £                   £
Initial Class A Advance                                          138,591,00            653,586         137,938,074
Initial Class B Advance                                          65,000,000                Nil          65,000,000
Initial Class C Advance                                          63,000,000                Nil          63,000,000

                                                                                     Scheduled                Paid
                                                                                             £                   £

Interest in respect of the Initial Class A Advance                                   2,053,296           2,053,296
Principal in respect of the Initial Class A Advance                                    653,586             653,586
Interest in respect of the Initial Class B Advance                                   1,076,530           1,076,530
Principal in respect of the Initial Class B Advance                                        Nil                 Nil
Interest in respect of the Initial Class C Advance                                   1,346,436           1,346,436
Principal in respect of the Initial Class C Advance                                        Nil                 Nil

                                                                                     5,129,848           5,129,848

                                                                                                                 £
Unscheduled Prepayment of the Initial Class A Advance                                                          Nil
Unscheduled Prepayment of the Initial Class B Advance                                                          Nil
Unscheduled Prepayment of the Initial Class C Advance                                                          Nil
                                                                                    4 Quarters        This quarter

                                                                                        to LDD
                                                                                             £                   £
Net Rental Income                                                                   31,935,426           8,642,498
Gross Rental Income                                                                 32,429,758           8,642,498
Permitted Operating Costs                                                            4,817,958           1,101,188
Capital Expenditure                                                                    446,358              37,642
Available Funds                                                                                          9,706,624
Debt Service                                                                        27,397,966           6,724,258
Adjusted Debt Service                                                               27,397,966           6,724,258
Alternative Debt Service                                                            20,529,577           5,129,848
Anticipated Debt Service                                                                                 6,741,549
Spot Coverage Ratio                                                                                           137%
Coverage Ratio                                                                                                125%
Relevant Shortfall                                                                                             Nil
Anticipated Gross Rent                                                                                   6,771,688
Debt Service Excess                                                                                      5,755,481
POC Overspend                                                                          494,332                 Nil
POC Underspend                                                                             Nil                 Nil
Required Retention Amount                                                                                      Nil
Scheduled Permitted Operating Costs Allowance                                                            1,101,188
Scheduled Property Management Fee                                                      153,273              39,328
Capital Expenditure Reserving                                                        1,841,932             462,732
Average Portfolio Occupancy                                                                                    87%
Average Portfolio Occupancy - excluding                                                                        93%

vacation periods
Credit Reserve Level                                                                                    12,000,000
Periodic Fee                                                                                                   Nil
Refinancing LTV                                                                                              68.2%


Details of any Structural Alterations:                                                                       None

Property/Property, Property/Cash                                                                              None

or Cash/Property/ Substitutions:

Property or Cash Collateral Withdrawals:                                                                      None

Coverage Ratio Calculation
                                                                                      Coverage                Spot

                                                                                         Ratio            Coverage

                                                                                                             Ratio

Gross Rental Income                                                                 32,429,758           8,642,498
Permitted Operating Costs                                                          (4,817,958)         (1,101,188)
Scheduled Property Management Fee                                                    (153,273)            (39,328)
Capex Reserving                                                                    (1,841,932)           (462,732)

                                                                                    25,616,595           7,039,250

Alternative Debt Service                                                            20,529,577           5,129,848

                                                                                          125%                137%




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