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Unite Students Offloads Coventry Sites

Posted by Richard Ward

Image courtesy of Flickr, (View licence)

Unite Students has disposed of two wholly owned properties in Coventry consisting of 1,127 beds for £96 million.

The properties have been purchased by Mapletree Investments Pte Ltd and have both now exchanged and completed.

The purchase price was reportedly in line with book value.

The acquisition by Mapletree consists of two sites in Coventry. The first is Callice Court, containing 736 beds, whilst Millennium View consists of 391 units.

The sale falls in line with Unite's strategy of recycling capital through disposals to re-invest into its development pipeline.

Unite still maintains a presence in the city through its Gosford Gate and Raglan House properties.

Commenting on the transaction, Richard Smith, Chief Executive of Unite Students, said: "This transaction takes Unite's share of disposals in the year to date to £250 million and supports our ongoing strategy of recycling assets to enhance our portfolio quality and maintain financial discipline. We intend to dispose of approximately £150-200 million of assets per annum over the next three years."