5th Oct 2015 06:53
LONDON (Alliance News) - Student accommodation developer Unite Group PLC on Monday said the valuation of its Unite UK Student Accommodation Fund and London Student Accommodation Joint Venture portfolios increased in the third quarter.
Unite said the USAF portfolio was valued at GBP2.02 billion at the end of September, up 2.1% on a like-for-like basis in the quarter to the end of September and up 11% in the nine months to the same date. The portfolio comprises 26,813 beds in 75 properties across 24 university towns and cities in the UK.
The LSAV portfolio was valued at GBP720.0 million at the end of September, up 2.3% in the quarter and up 15% in the nine months. The portfolio includes 4,636 beds across 12 properties in London and one in Edinburgh.
The valuation increase was driven primarily by rental growth and by yield compression in the quarter, the company said.
Unite said its lettings cycle for the 2015-16 academic year is now mostly complete and its portfolio has a 99% occupancy level, with rental growth for the year at 3.8%.
By Sam Unsted; [email protected]; @SamUAtAlliance
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