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REG - Unite Group PLC - Quarterly valuation update





 




RNS Number : 6895E
Unite Group PLC
08 July 2019
 

 

Press release

 

8 July 2019

 


 

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 2019.

At 30 June 2019, USAF's property portfolio was independently valued at £2,399 million, representing a like-for-like increase of 1.3% during the quarter. The portfolio comprises 24,759 beds in 67 properties across 21 University towns and cities in the UK.

LSAV's investment portfolio was independently valued at £1,275 million, up 1.1% in the quarter on a like-for-like basis. LSAV's investment portfolio comprises 8,354 beds across 12 properties in London and Aston Student Village in Birmingham.

The increase in valuations has been driven by rental growth. Overall USAF the portfolio is valued at a blended yield of 5.3% whilst the LSAV portfolio is valued at 4.5%.

Reservations for the 2019/20 academic year are progressing strongly with 90% of bed spaces let, ahead of the same time last year with 89% being let.

Joe Lister, Unite Students Chief Financial Officer, commented:

"The reservation levels for 2019/20 are very good and in line with last year, demonstrating the continued demand for our high quality rooms and value added services. This performance is driven by our focus on long term partnerships with mid and top ranked Universities and our investment in locations where demand for purpose built student accommodation is the strongest. We remain confident in a rental growth outlook of 3.0-3.5% for the 2019/20 academic year."

ENDS

 

For further information, please contact:

Unite Students

Joe Lister, Chief Financial Officer

Candice Macdonald, Head of Communications

 

Powerscourt

Justin Griffiths
Victoria Heslop

 

 

 

Tel: +44 117 302 7005

Tel: +44 7525 592 521

 

Tel: +44 20 7250 1446

About Unite Students

Unite Students is the UK's largest manager and developer of purpose-built student accommodation serving the country's world-leading higher education sector. We currently provide homes for almost 50,000 students in circa 130 properties across 22 leading university towns and cities in England and Scotland. Unite also has a strong development pipeline, which will deliver more than 6,000 beds in the next three years. 

Our 1,400 people are driven by a common purpose: to provide the students who live with us a 'Home for Success' and to be the most trusted brand in the sector.  We do this through quality service, quality people and quality properties, all designed on the basis of an unrivalled insight into students' needs and preferences.

Unite's accommodation is high quality, safe and secure, and located close to university campuses, transport links and local amenities. Students live predominantly in en-suite study bedrooms with rents covering all bills, insurance, 24-hour security, fortnightly cleaning services and high-speed Wi-Fi. MyUnite, our mobile app, provides practical support such as instant messaging and maintenance requests.

Our commitment to customer service is powered by an innovative, in-house operating platform. It provides a wide range of benefits to our students, such as an optimised online booking process, as well as providing us with a unique ability to drive value from our portfolio through scale efficiencies and revenue management.

Alongside delivering quality service, our other strategic priority is delivering growing and sustainable earnings, underpinned by a strong capital structure.  A key part of this strategy is growing the number of beds let though partnerships with mid and high tariff universities which are experiencing record levels of student demand.  We currently partner with 60 higher education institutions, guaranteeing that approximately 60% of our rooms are let under multi-year, 'nomination agreements' providing high visibility of forward occupancy and rental growth.

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 of and major donor to the Unite Foundation, a charitable trust established to support talented students facing challenging financial circumstances through the provision of free accommodation annual scholarships. The Foundation has so far provided scholarships for 250 young people working in close collaboration with 28 universities.

Founded in 1991 in Bristol, Unite Group is an award-winning Real Estate Investment Trust (REIT), listed on the London Stock Exchange and a member of the FTSE 250 Index.

For more information, please 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

 


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
 
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