9th Jan 2015 07:32
LONDON (Alliance News) - The Unite Group PLC on Friday said the value of its property portfolios increased over the final quarter of 2014 both on a quarter-by-quarter and year-on-year basis.
The FTSE 250-listed student accommodation company said the UK Student Accommodation Fund was independently valued at GBP1.57 billion at December 31, up 1.2% against the end of the previous quarter on September 30. The value of the portfolio has increased by 3.9% over the year.
The London Student Accommodation Joint Venture portfolio was valued at GBP426 million at December 31, up 1.2% against the previous quarter and up 4.6% year-on-year.
The USAF portfolio is now valued at an average yield of 6.5%, against 5.9% for the LSAV portfolio.
"The USAF and LSAV portfolios have both performed well in 2014, with a further year of strong occupancy and rental growth supplemented by modest yield compression. Based on indicative pricing of pending transactions in the market we expect yields to compress meaningfully from December 2014 levels during 2015 as those transactions complete," said Unite Chief Financial Officer Joe Lister.
By Sam Unsted; [email protected]; @SamUAtAlliance
Copyright 2015 Alliance News Limited. All Rights Reserved.
Related Shares:
Unite