Residents Object to More Student Flats
24th Apr 2018
Unite Group has released its latest valuation update for the Unite UK Student Accommodation Fund (USAF) and the London Student Accommodation Joint Venture (LSAV).
As of 31 March 2018, the USAF property portfolio was independently valued at £2,284 million, representing like-for-like growth of 0.7% during the quarter. The portfolio now consists of 25,218 beds in 71 properties split across 23 University towns and cities in the UK.
Meanwhile, the LSAV portfolio was valued at £1,175 million, reflecting a like-for-like increase of 1.4% in the quarter. The LSAV portfolio comprises of 8,477 beds in 13 properties across London and the Aston Student Village in Birmingham.
The valuation increases have been driven by rental growth and an average two basis points of yield compression in both portfolios. The overall USAF portfolio has a blended yield of 5.4%, while LSAV's portfolio is 4.7%.
Commenting on the results, Joe Lister, Unite Students Chief Financial Officers, said: "Unite Students has delivered another strong performance in the first quarter of 2018. Reservations for the 2018/19 academic year remain ahead of last year's run rate and support a positive rental growth outlook. Our reputation is underpinned by long-term, meaningful partnerships with leading Universities, allowing us to capitalise on our market-leading position in a sector that continues to demonstrate structural growth."
24th Apr 2018
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