Unite Group PLC (The) Quarterly Valuation and Reservations Update (0447V)
April 12 2021 - 1:00AM
UK Regulatory
TIDMUTG
RNS Number : 0447V
Unite Group PLC (The)
12 April 2021
PRESS RELEASE
12 April 2021
THE UNITE GROUP PLC
('Unite Students', 'Unite', the 'Group', or the ' Company ')
QUARTERLY VALUATION AND RESERVATIONS UPDATE
Unite Students, the UK's leading owner, 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
2021.
At 31 March 2021, USAF's property portfolio was independently
valued at GBP2,756 million, reflecting a 0.5% increase on a
like-for-like basis during the quarter. The portfolio comprises
29,627 beds in 76 properties across 20 University towns and cities
in the UK.
LSAV's investment portfolio was independently valued at GBP1,341
million, reflecting a 1.3% increase on a like-for-like basis during
the quarter. LSAV's investment portfolio comprises 8,358 beds
across 12 properties in London and Aston Student Village in
Birmingham.
The like-for-like valuation increase in Q1 reflects the sales
performance to date for the 2021/22 academic year and the
expectation of a return to full occupancy. LSAV also benefited from
2 bps of yield compression in London during the period. The USAF
and LSAV portfolios are valued at weighted average yields of 5.3%
and 4.4% respectively.
2021/22 reservations
We have seen a strong sales performance since our preliminary
results on 16 March, reflecting increased confidence from both UK
and international students as lockdown restrictions begin to ease.
Across the Group's total property portfolio, 73% of rooms are now
reserved for the 2021/22 academic year with the deficit in sales to
prior year continuing to narrow over recent weeks (2020/21:
80%).
Joe Lister, Unite Students Chief Financial Officer, commented
:
"Our positive sales momentum reflects strong demand for the
2021/22 academic year and increasing confidence over a return to
face-to-face teaching. Based on our expectation of an enhanced
campus experience for students and a relaxation of international
travel restrictions, we anticipate a return to full occupancy and
2-3% rental growth in 2021/22."
ENDS
For further information, please contact:
Unite Students
Joe Lister / Michael Burt Tel: +44 117 302 7005
Unite press office Tel: +44 117 450 6300
Powerscourt
Justin Griffiths / Victoria Heslop Tel: +44 20 7250 1446
About Unite Students
Unite Students is the UK's largest owner, manager and developer
of purpose-built student accommodation, serving the country's
world-leading Higher Education sector. We provide homes to 76,000
students across 180 properties in 27 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's
accommodation is safe and secure, high quality and affordable.
Students live predominantly in ensuite study bedrooms, with rents
covering all bills, insurance, 24-hour security and high-speed
Wi-Fi. We also hold a five-star British Safety Council audit
rating.
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. Unite is invested in and
operates two specialist funds and joint ventures with institutional
investment partners: the GBP3 billion Unite UK Student
Accommodation Fund (USAF) and the GBP1 billion London Student
Accommodation Vehicle (LSAV).
For more information, visit:
Unite's corporate website www.unite-group.co.uk
The student site www.unitestudents.com
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END
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