Portsmouth Council Approve 97-bed Student Scheme
15th Dec 2017
Unite Group Plc has announced its quarterly property valuation of the Unite UK Student Accommodation Fund (USAF) and its London Student Accommodation Joint Venture (LSAV).
As of 31 March 2017, USAF's property portfolio was valued at £2,084 million representing an increase of 0.5% during the quarter. The portfolio consists of 24,176 beds split across 68 properties in 23 University towns and cities in the UK.
Meanwhile LSAV's investment portfolio was valued at £1,079 million, an increase of 0.6% over the previous quarter on a like for like basis. The LSAV portfolio comprises of 8,477 beds across 13 properties in London as well as the recently acquired Aston Student Village in Birmingham.
Unite attributed the increase in valuations to rental growth with yields remaining stable in the quarter. The overall USAF portfolio achieved an average yield of 5.6% and the LSAV portfolio 5.0%.
The company has reported record levels of reservations for the 2017/18 academic year with 77% of rooms booked compared to 74% reported at the same period a year earlier.
Reservation rates support the company's full year rental growth outlook of 3.0-3.5% and Unite suggests the strong performance reflects the company's continued focus of working alongside the UK's strongest Universities.
Commenting on the results, Joe Lister, Unite Students Chief Financial Officers, said: "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%."
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