Portsmouth Council Approve 97-bed Student Scheme
15th Dec 2017
Unite Group have released their latest valuation update for the Unite UK Student Accommodation Fund (USAF) and the London Student Accommodation Joint Venture (LSAV).
As at 30 June 2017, USAF's portfolio was independently valued at £2.1bn, representing a like-for-like increase of 0.9% during the quarter. In total, the portfolio consists of 24,048 beds split across 67 properties in 23 University towns and cities in the UK.
Meanwhile, LSAV's investment portfolio was valued at £1.1 bn, up 0.5% in the quarter. Unite LSAV's portfolio comprises of 8,477 beds across 13 properties in London, as well as Aston Student Village in Birmingham.
The company's reported valuation yields remained stable, with the USAF and LSAV achieving average yields of 5.6% and 5.0% respectively.
Unite has also reported an increase in its reservation rates, which have increased to 89% for the coming 2017-18 academic year. This compares to a rate of 87% reported at the same period a year earlier, and is supportive of the company's target occupancy rate of 98% across the portfolio and rental growth of 3.0-3.5% for the year.
Commenting on the latest valuation, Joe Lister, Unite Students Chief Financial Officer, said: "Reservations for 2017-18 continue to perform strongly, ahead of last year, demonstrating the continued demand for our rooms and services and the streamlined booking process. The demand is driven by our focus on long-term partnerships with Universities and our investment in locations where demand for purpose-built student accommodation is the strongest."
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