5th May 2005 09:30
Unite Group PLC05 May 2005 Date: 5 May 2005On behalf of: The UNITE Group plcEmbargoed until: 0930 hrs The UNITE Group plcChairman's AGM Statement Trading Highlights • First quarter performance was in line with the Board's expectations. • As announced in March UNITE entered into a £350million joint venture with GIC Real Estate Pte Ltd to develop and operate student accommodation in the capital cities of London, Edinburgh, Dublin and Belfast. • Reservations to current date for forthcoming academic year, 70%. • Higher education applications up 8% (source UCAS). At today's Annual General Meeting, Geoffrey Maddrell, Chairman of UNITE, willmake the following statement on trading and market conditions: "The Group's performance in the first quarter was in line with the Board'sexpectations, with a notable success being the securing of a £350million jointventure with GIC Real Estate Pte Ltd to develop and operate studentaccommodation in the capital cities of London, Edinburgh, Dublin and Belfast.This venture is performing in line with plan and is a significant step for UNITEin delivering our financing strategy. We are operating in a buoyant and increasingly recognised market and HigherEducation applications remain strong. Figures released by UCAS on 28th Aprilshow that applications for full-time undergraduate courses in the UK haveincreased by 8% compared with the same point last year. Applications fromoverseas also continue to increase with UCAS figures suggesting the number ofapplicants has increased by 7.5% on the same point last year. Reservation performance across UNITE's portfolio is again strong. As at 30April 2005, reservations for the forthcoming academic year had been received for70% of the portfolio (2004:70%). From September 2005 UNITE will be operating30,996 bed spaces across 29 cities (2004: 26,319). Looking forward, we have a secure pipeline of future development opportunitieswith 4,677 confirmed for delivery later this year and the capital required tofund the build-out programme. The Board has every confidence that UNITE willmake good progress against its strategy to deliver shareholder value throughsustainable growth in its portfolio and build upon its position as the UK'slargest student accommodation provider." Enquiries: The UNITE Group plcNicholas Porter, Chief Executive Officer Tel: 020 7902 5055Mark Allan, Group Finance Director Redleaf Communications Ltd Tel: 020 7955 1410Emma Kane/Wendy Timmons Mob: 07876 338339 Notes to Editors UCAS published their latest 2005 figures for entry into Higher Education on 28thApril 2005 and the full report can be found on their website www.ucas.ac.uk GIC RE is the real estate investment arm of Government of Singapore InvestmentCorporation (GIC) that manages the foreign reserves of Singapore. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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