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Unite Release Their Latest Trading Update

Posted by Richard Ward in

Image courtesy of Flickr, Creative Commons

Unite has released its latest quarterly update and says that 60% of its rooms are now booked for the next academic year, up from 58% recorded during the same period last year.

The company also expects strong student demand for 2022-23 but is anticipating a slightly later sales cycle for international students than in a typical year due to continued uncertainty surrounding Covid.

In response, Unite has increased its focus on retaining direct-let customers, leading to growth in re-bookers.

For 2022-23 it is maintaining its rental growth guidance of 3.0-3.5%.

The company's USAF portfolio was valued at £2,867 million, representing a 1.6% increase during the quarter and a 4.6% increase for the year. This was driven principally by an 8 basis point reduction in property yields. Meanwhile, LSAV's investment portfolio was valued at £1,819 million, up 3.1% in the quarter and 10.4% for the year. The valuation increase was attributed to rental growth of 0.5% and a 12 basis point reduction in property yields.