7th Oct 2013 08:48
LONDON (Alliance News) - Student accommodation provider Unite Group PLC Monday said the net asset value of its student accommodation fund increased to GBP713.3 million as at 30 September, from GBP705.7 million in June, which it attributed to movement in property values.
The company said the portfolio, which consists of 21,673 beds in 59 properties across 19 UK towns and cities, was independently valued at GBP1.34 billion, an increase of 1% since June. Unite said this was due to rental growth and asset management activity.
The portfolio has also increased on a like-for-like basis by 2.1% in the year to date, while valuation yields remain stable at 6.7%.
In September, the fund received a further GBP1.5 million back from the GBP30 million deposit it placed with failed Icelandic commercial bank Landsbanki in 2008. The total amount recovered to date is now GBP15.8 million.
"We are delighted to report a strong lettings performance with 98% of the Fund's portfolio occupied for the 2013/14 academic year," Chief Executive Joe Lister, said in a statement.
"During the quarter, the Fund has achieved continued rental growth and completed asset management activity, combining to increase its portfolio value by 2.1% in the year to date," he added.
Unite shares were trading at 375.90 pence Monday morning, up 0.90 pence.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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