21st Sep 2022 08:58
(Alliance News) - The Unite Group PLC on Wednesday said it has sold a portfolio of six properties in Aberdeen for GBP33 million.
Unite is a Bristol-based owner, manager and developer of student accommodation.
The properties, comprising 1,050 beds, were sold to Clearbell Property Partners III LP, a fund managed by Clearbell Capital LP. Unite had a GBP20 million share in the sale.
The disposal is priced in line with prevailing book value, which reflects a passing net operating income yield of 6.0% for the 2022/23 academic year.
This sale sees the group exit several smaller and less operationally efficient assets whilst retaining 911 beds across two properties in close proximity to each other in Aberdeen.
Unite has now completed the sale of a total GBP339 million of properties in 2022. Unite's share of this is GBP256 million. This sale completes Unite's planned disposal activity for the year.
Group Property Director Nick Hayes said: "This disposal of six small and less operationally efficient assets further enhances our alignment to the strongest markets where demand is highest. The proceeds will be used to help enhance our existing portfolio and to deliver on our record GBP1 billion secured development pipeline."
Shares in Unite Group were trading 1.0% higher at 964.00 pence in London on Wednesday morning.
By Chris Dorrell; [email protected]
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