Concerns Raised Over St Andrews Accommodation
10th Dec 2018
Unite Group plc has released its latest valuation update for the Unite UK Student Accommodation Fund (USAF) and the London Student Accommodation Joint Venture (LSAV).
As of 30 September 2017, USAF's property portfolio was valued at £2,137 million representing a like-for-like increase of 1.6% during the quarter. The portfolio consists of 24,450 beds in 69 properties across 23 University towns and cities in the UK.
Meanwhile, LSAV's portfolio was valued at £1,102 million, up 1.6% in the quarter. The LSAV portfolio comprises of 8,477 beds in 13 properties in London, as well as the Aston Student Village in Birmingham.
The company attributed the growth in valuations to increases in rents and 7 basis points of yield compression across both USAF and LSAV in the quarter. The USAF portfolio is now valued at an average yield of 5.5% and LSAV's portfolio at 4.9%.
Commenting on the results, Joe Lister, Unite Students Chief Financial Officer, said: "The lettings performance for the 2017-18 academic year has been very strong with occupancy at 99% and full year rental growth at the mid to upper end of our 3.0-3.5% forecast. Contracts with university partners guaranteeing income and rental growth now underpin 60% of the portfolio providing a high level of certainty over future income and demonstrating the strength of our relationships with high to mid-ranking universities. Demand from direct let bookings remains strong due to our high-quality portfolio and market-leading service platform."
10th Dec 2018
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