Unite Group PLC Quarterly Valuation Update for USAF and LSAV (9926B)

TIDMUTG

RNS Number : 9926B

Unite Group PLC

10 April 2017

 
 
   Press release 
 
   10 April 2017 
 

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 31 March 2017.

At 31 March 2017, USAF's property portfolio was independently valued at GBP2,084 million representing an increase of 0.5% during the quarter. The portfolio comprises 24,176 beds in 68 properties across 23 University towns and cities in the UK.

LSAV's investment portfolio was independently valued at GBP1,079 million (after the acquisition of Aston Student Village and recent portfolio disposal), up 0.6% in the quarter on a like for like basis. LSAV's investment portfolio comprises 8,477 beds across 13 properties in London and Aston Student Village in Birmingham.

The increase in valuations is driven by rental growth with yields remaining stable in the quarter. The overall USAF portfolio is valued at an average yield of 5.6% and LSAV's portfolio at 5.0%.

Reservations for the 2017/18 academic year are at record levels with 77% of the rooms booked (74% at the same point last year), at prices that support our full year rental growth outlook of 3.0-3.5%. The strong reservations performance reflects our continued focus of working alongside the UK's strongest Universities.

Joe Lister, Unite Students Chief Financial Officer, commented:

"Unite Students has delivered another strong performance in the first quarter of 2017, with reservations at record levels for this time of year and supporting our rental growth outlook of 3-3.5%."

ENDS

For further information, please contact:

 
 Unite Students 
  Joe Lister, Chief Financial Officer      Tel: +44 117 
  Caroline Hall, PA to Chief Financial     302 7005 
  Officer 
 Bell Pottinger 
  Victoria Geoghegan                       Tel: +44 20 
  Nick Lambert                             3772 2562 
  Elizabeth Snow 
 

Notes to editors:

About Unite Students

Unite Students is the UK's largest and most established manager and developer of purpose built student accommodation. It provides a home for around 50,000 students, in more than 140 properties, across 28 leading university cities in England and Scotland. Unite works in partnership with more than 60 Higher Education institutions and also lets rooms directly to students.

Unite's purpose is to provide a home to its culturally diverse customers, offering them a strong foundation for academic and personal success. The accommodation is high quality, safe and close to university campuses, transport links and local amenities. Students live in ensuite study bedrooms with rents covering all bills, insurance, 24hour security, fortnightly cleaning of communal kitchens and bathrooms and high speed WiFi.

Founded in 1991 in Bristol, The Unite Group plc is a FTSE250 company, listed on the London Stock Exchange, employing more than 1,250 people. It pursues a sustainable growth strategy, designed to make the most of the resilient nature of the student accommodation sector. Unite is focused on maintaining its position as the leading provider of student accommodation in the UK, by having the best brand, operating the highest quality portfolio and maintaining the strongest capital structure in the sector. This is achieved with consistent investment in, and improvement to, the operating platform; highly selective development activity and asset management initiatives.

Unite is invested in and operates a two specialist funds and joint ventures with institutional investment partners, the GBP2 billion Unite UK Student Accommodation Fund (USAF) and the GBP1 billion London Student Accommodation Vehicle (LSAV).

Unite is the founder and major donor of the Unite Foundation. Since 2012 this has provided free student accommodation and financial support to 160 young people in the UK who lack family support.

For more information you can 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 company news service from the London Stock Exchange

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April 10, 2017 02:00 ET (06:00 GMT)