REG - Unite Group PLC - Disposal of £186m asset to USAF

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Tue 07:02

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RNS Number : 0867U  Unite Group PLC (The)  24 February 2026

24 February 2026

THE UNITE GROUP PLC

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

DISPOSAL OF £186M ASSET TO USAF

 

Unite Students, the UK's leading owner, manager and developer of student
accommodation, today announces that it has agreed the sale of St Pancras Way,
a 571-bed property in London, to the Unite UK Student Accommodation Fund
('USAF') for £186 million (Unite share: £126 million).

 

St Pancras Way was developed by Unite in 2014 and is fully nominated to
University College London for the 2026/27 academic year. A light refurbishment
of the common areas will complete later this year.

 

The £186 million disposal, which is subject to technical due diligence,
represents a c.1% discount to December 2025 book value and reflects a Net
Operating Income yield of 4.7%.

 

The transaction will be funded by existing cash headroom in USAF and the issue
of new USAF units, to be fully underwritten by Unite. Subject to existing USAF
investors choosing to exercise their pre-emption rights, the USAF equity issue
will increase Unite's ownership in USAF from 30% to a maximum of 32% and Unite
expects to receive minimum net proceeds of £115m in cash.  Unite intends to
maintain its ownership in USAF at around 30% over the medium-term.

 

The transaction is anticipated to close in April following completion of the
USAF equity raise. The disposal is incorporated into the Group's earnings
guidance for the 2026 financial year.

 

 

Joe Lister, Chief Executive of Unite Students, commented:

"The disposal of St Pancras Way is part of the Group's strategy to accelerate
disposals to £300-400 million p.a.. The sale to USAF means we remain invested
in a high-quality London asset, while enhancing management fee income and
releasing capital for reinvestment into higher-returning opportunities in
accordance with our capital allocation priorities."

 

ENDS

 

For further information, please contact:

 

Unite Students

Joe Lister / Mike Burt / Saxon Ridley
        Tel: +44 117 302 7005

Press office
                               Tel: +44 117 450 6300

 

Sodali & Co

Ben Foster / Sam Austrums / Louisa
Henry                           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 72,000 students across 208
properties in 29 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 are committed to raising standards in the student accommodation sector for
our customers, investors and employees. Our Sustainability Strategy 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 www.unitegroup.com (http://www.unitegroup.com) ,
www.unitestudents.com (http://www.unitestudents.com) or
 www.hellostudent.co.uk (http://www.hellostudent.co.uk/) .

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