8th Oct 2014 06:13
LONDON (Alliance News) - Student accommodation manager The Unite Group PLC Wednesday said the net asset value of its Unite UK Student Accommodation Fund was GBP903.8 million at the end of the third quarter, up 2.1% over the quarter and 5.1% over the first nine months of the year and including the GBP17.8 million of new equity it has issued.
The fund's property portfolio comprised 24,955 beds in 69 properties across 22 UK towns and cities, and was independently valued at GBP1.6 billion. The movement during the quarter represents a like-for-like increase of 1.7%.
In the nine months to September 30, the value of the portfolio has increased by 3.2% on a like-for-like basis with rental growth contributing 2.1% and yield compression 1.1%. The overall portfolio is valued at an average yield of 6.53%, representing four basis points of yield compression on a like-for-like basis during the quarter.
"USAF has delivered a further robust performance in the third quarter of 2014 and has deployed the capital it raised earlier this year through the acquisition of an additional 3,282 beds which complement and enhance the portfolio. We are delighted to report a strong lettings performance with 98% of the Fund's portfolio occupied for the 2014/15 academic year," Unite Student Chief Financial Officer Joe Lister said in a statement.
By Steve McGrath; [email protected]; @stevemcgrath1
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