REG - Unite Group PLC - Unite Disposes of Six Properties For £33 Million

UniteAnnouncement

21/09/2022 07:01

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RNS Number : 0547A  Unite Group PLC (The)  21 September 2022

PRESS RELEASE

21 September 2022

THE UNITE GROUP PLC

('Unite Students', 'Unite', the 'Group', or the 'Company')

UNITE STUDENTS DISPOSES OF SIX PROPERTIES FOR £33 MILLION

Unite Students, the UK's leading owner, manager and developer of student
accommodation, today announces the disposal of a portfolio of six properties
in Aberdeen, comprising 1,050 beds for £33 million (Unite share: £20
million) to Clearbell Property Partners III LP, a fund managed by Clearbell
Capital LP.

 

The disposal is priced in line with prevailing book value, which reflects a
passing NOI yield of 6.0% for the 2022/23 academic year. This disposal sees
the Group exit several smaller and less operationally efficient assets whilst
retaining 911 beds across two properties in close proximity to each other in
Aberdeen. The Group has now completed the sale of a total £339 million (Unite
share: £256 million) of properties in 2022, completing the Group's planned
disposal activity for the year.

 

Nick Hayes, Group Property Director of Unite Students, commented:

"This disposal of six small and less operationally efficient assets further
enhances our alignment to the strongest markets where demand is highest. The
proceeds will be used to help enhance our existing portfolio and to deliver on
our record £1 billion secured development pipeline."

 

ENDS

 

 

 

 

For further information, please contact:

 

Unite Students

Joe Lister / Michael Burt
                                    Tel:
+44 117 302 7005

Unite press
office
Tel: +44 117 450 6300

Powerscourt

Justin Griffiths / Courtney
Sanford
Tel: +44 20 7250 1446

 

 

About Unite Students

Unite Students is the UK's largest owner, manager and developer of
purpose-built student accommodation (PBSA) serving the country's world-leading
higher education sector. We provide homes to 75,000 students across 169
properties in 25 leading university towns and cities. We currently partner
with over 60 universities across the UK.

Our people are driven by a common purpose: to provide a 'Home for Success' for
the students who live with us. Unite Students' accommodation is safe and
secure, high quality, and affordable. Students live predominantly in en-suite
study bedrooms with rents covering all bills, insurance, 24-hour security and
high-speed Wi-Fi. We also achieved a five-star British Safety Council rating
in our last audit.

We are committed to raising standards in the student accommodation sector for
our customers, investors and employees. This is why our new Sustainability
Strategy, launched in 2021, includes a commitment to become net zero carbon
across our operations and developments by 2030.

Founded in 1991 in Bristol, the Unite Group is an award-winning Real Estate
Investment Trust (REIT), listed on the London Stock Exchange. For more
information, visit Unite Group's corporate website www.unitegroup.com
(http://www.unitegroup.com/) or the Unite Students'
site www.unitestudents.com (https://www.unitestudents.com/)

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