Unite Group PLC USAF and LSAV Valuation Update (0311M)
October 10 2016 - 2:00AM
UK Regulatory
TIDMUTG
RNS Number : 0311M
Unite Group PLC
10 October 2016
Press release
10 October 2016
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
Unite Students, the UK's leading developer and manager 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 September
2016.
At 30 September 2016, USAF's property portfolio was
independently valued at GBP2,264 million representing a
like-for-like increase of 1.0% during the quarter. The portfolio
comprises 27,441 beds in 76 properties across 24 University towns
and cities in the UK following the acquisition of Gosford Gate in
Coventry and Greetham Street in Portsmouth in September from Unite
under the pipeline agreement.
LSAV's investment portfolio was independently valued at GBP995
million, up 0.5% on a like-for-like basis in the quarter. Following
the practical completion of the 862 bed Stapleton House development
in Islington and the 699 bed Olympic Way development in Wembley,
LSAV's investment portfolio now comprises 6,197 beds across 14
properties in London and three properties in Edinburgh.
The increase in like-for-like valuations is driven by rental
growth in the quarter. Valuation yields have remained stable and
the USAF portfolio is now valued at an average yield of 5.6% and
LSAV's portfolio at 4.9%.
As we enter the final stages of the lettings cycle for the
2016/17 academic year, Unite Students has achieved a strong
lettings performance across its whole portfolio with 97% of bed
spaces let at rental levels 3.8% higher than 2015/16 on a
like-for-like basis.
Joe Lister, Unite Students Chief Financial Officer, commented:
"The lettings performance for the 2016/17 academic year has again
been strong, with occupancy currently at 97% and rental growth of
3.8%. This performance is driven by our continued focus on
University relationships and the impact of our proprietary
operating system, PRISM, on customer service and rental
performance."
ENDS
For further information, please contact:
Unite Students
Joe Lister, Chief Financial Officer Tel: +44 117
Felicity Cowie, Senior Public & 302 7240
Corporate Communications Manager
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, 24-hour security, fortnightly cleaning of
communal kitchens and bathrooms and high speed Wi-Fi.
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 small number of specialist
funds and joint ventures with institutional investment partners,
the largest of which is the GBP2 billion Unite UK Student
Accommodation Fund (USAF).
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 site www.unitefoundation.co.uk.
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCZDLFBQBFBFBF
(END) Dow Jones Newswires
October 10, 2016 02:00 ET (06:00 GMT)
Unite (LSE:UTG)
Historical Stock Chart
From Apr 2024 to May 2024
Unite (LSE:UTG)
Historical Stock Chart
From May 2023 to May 2024