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UTG Unite Group Plc

957.00
12.50 (1.32%)
18 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Unite Group Plc LSE:UTG London Ordinary Share GB0006928617 ORD 25P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  12.50 1.32% 957.00 957.00 958.00 958.00 942.50 942.50 964,933 16:35:21
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Real Estate Agents & Mgrs 276.1M 119.4M 0.2966 32.28 3.85B

Unite Group PLC Quarterly valuation update (6895E)

08/07/2019 7:00am

UK Regulatory


Unite (LSE:UTG)
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From Mar 2019 to Mar 2024

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TIDMUTG

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 GBP2,399 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 GBP1,275 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           Tel: +44 117 302 
  Candice Macdonald, Head of Communications     7005 
                                                Tel: +44 7525 592 
  Powerscourt                                   521 
  Justin Griffiths 
  Victoria Heslop                               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 GBP2 billion Unite UK Student Accommodation Fund (USAF), and the GBP1 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.

END

MSCUVRSRKWABRAR

(END) Dow Jones Newswires

July 08, 2019 02:00 ET (06:00 GMT)

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