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15th Nov 2018
The Unite Group has released its latest trading statement for the period ending 30 June, reporting continued growth in its portfolio valuations.
The company has seen the value of its UK Student Accommodation Fund (USAF) increase by 1.2% during the quarter to £2,315. The USAF portfolio now consists of 71 properties split across 23 University towns and cites in the UK.
Meanwhile, the London Student Accommodation Joint Venture (LSAV) was independently valued at £1,204 million, representing an increase of 2.5% compared to the previous quarter. The LSAV portfolio consists of 8,477 beds across 13 properties in London, as well as the Aston Student Village in Birmingham.
The company has attributed the increase in valuations to rental growth and an average two basis point yield compression in USAF and six basis points of yield compression in LSAV. Each portfolio has an average blended yield of 5.4% and 4.6% respectively.
For the 2018-19 academic year the company has achieved an 89% reservation rate, which is in line with the same point of time last year.
Commenting on the results, Joe Lister, Unite Students Chief Financial Officers, said: "Reservations for 2018/19 continue to perform strongly, in line with prior year, demonstrating the continued demand for our rooms and services. The strong performance is driven by our focus on long term partnerships with high quality Universities and our investment in locations where demand for purpose-built student accommodation is the strongest."
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