Subsids Securitisation Report

Unite Group PLC
13 May 2005



Date:                         13 May 2005

On behalf of:                 UNITE Finance One plc

Embargoed until:              0700hrs





UNITE Releases Quarterly Report in respect of its 2002 Securitisation Portfolio



UNITE Finance One plc, the wholly owned subsidiary of The UNITE Group plc
established for the purposes of the Group's first 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 9,961 beds
completed prior to 31 December 2001 and representing 38% of its total completed
portfolio. The full text of the report is appended to this announcement.



UNITE reported coverage ratio and occupancy levels as follows:



•     The debt service coverage ratio for the 12 months to April 2005 was 123%  
      (April 2004: 123%) against a covenant of 120%. The interest cover ratio 
      for the period rose to 133% compared to 128% for the same period last 
      year;



•     Term-time occupancy across the securitised portfolio averaged 96% for 
      the 12 months to January 2005 (April 2004: 97%).





Enquiries:



UNITE

Mark Allan, Group Finance Director      [phone]





Redleaf Communications

Emma Kane                               07876 338 339

Wendy Timmons                          [phone]









                            Obligor Quarterly Report




Loan Determination Date: 25 April 2005

Date of Report: 13 May 2005
                                                                    Opening Balance    Amortisation     Closing Balance
                                                                                  £               £                   £

Initial Class A Advance                                                 143,157,159         460,071         142,697,088
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                                        2,120,808           2,120,808
Principal in respect of the initial Class A Advance                                         460,071             460,071
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
                                                                                          5,003,845           5,003,845

                                                                                                                      £

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 to        This quarter
                                                                                                LDD

                                                                                                  £                   £
Net Rental Income                                                                        30,887,967           8,932,542
Gross Rental income                                                                      30,412,960           8,562,246
Permitted Operating Costs                                                                 3,741,412             662,883
Capital Expenditure                                                                         683,510                   0
Available Funds                                                                                              10,189,018
Debt Service                                                                             26,296,718           6,653,299
Adjusted Debt Service                                                                    26,296,718           6,653,299
Alternative Debt Service                                                                 19,798,585           5,003,845
Anticipated Debt Service                                                                                      6,650,163
Spot Coverage Ratio                                                                                                146%
Coverage Ratio                                                                                                     123%
Relevant Shortfall                                                                                                  Nil
Anticipated Gross Rent                                                                                        5,704,781
Debt Service Excess                                                                                             444,777
POC Overspend                                                                                   Nil                 Nil
POC Underspend                                                                              475,007             370,296
Required Retention Amount                                                                                       945,382
Scheduled Permitted Operating Costs Allowance                                                                 1,054,105
Scheduled Property Management Fee                                                           590,633             150,586
Capital Expenditure Reserving                                                             1,770,332             444,763
Average Portfolio Occupancy                                                                                       88.0%
Average Portfolio Occupancy - excluding vacation periods                                                          95.7%
Credit Reserve Level                                                                                         12,000,000
Periodic Fee                                                                                                        Nil
Refinancing LTV                                                                                                   70.4%

Details of any Structural Alterations:                                                                             None

Property/Property, Property/Cash or Cash/Property Substitutions                                                    None

Property or Cash Collateral Withdrawals:                                                                           None

Coverage Ratio Calculation                                                                                Spot Coverage
                                                                                     Coverage Ratio               Ratio

Gross Rental Income                                                                      30,412,960           9,491,864
Permitted Operating Costs                                                               (3,741,412)         (1,027,774)
Scheduled Property Management Fee                                                         (590,633)           (148,178)
Capex Debt Service                                                                      (1,770,332)           (436,043)
                                                                                         24,310,583           7,304,014



Alternative Debt Service                                                                 19,798,585           5,003,845



                                                                                               123%                146%







                      This information is provided by RNS
            The company news service from the London Stock Exchange