Unite Group PLC (The) Quarterly Valuation Update (1552L)
11 January 2021 - 6:01PM
UK Regulatory
TIDMUTG
RNS Number : 1552L
Unite Group PLC (The)
11 January 2021
PRESS RELEASE
11 January 2021
THE UNITE GROUP PLC
('Unite Students', 'Unite', the 'Group', or the ' Company ')
QUARTERLY VALUATION UPDATE FOR THE UNITE UK STUDENT ACCO M
MODATION FUND AND THE LONDON STUDENT ACCOMMODATION JOINT
VENTURE
Unite Students, the UK's leading owner, manager and developer of
student accommodation, announces the quarterly property valuation
of the Unite UK Student Accommodation Fund ('USAF') and the London
Student Accommodation Joint Venture ('LSAV') as at 31 December
2020.
At 31 December 2020, USAF's property portfolio was independently
valued at GBP2,798 million, a 0.3% decrease on a like-for-like
basis during the quarter and a 1.8% decrease for the year. The
portfolio comprises 30,209 beds in 79 properties across 22
University towns and cities in the UK.
LSAV's investment portfolio was independently valued at GBP1,324
million, down 0.1% in the quarter on a like-for-like basis and down
0.9% for the year. LSAV's investment portfolio comprises 8,354 beds
across 12 properties in London and Aston Student Village in
Birmingham.
The Q4 valuations reflect the removal of the temporary reduction
in stamp duty for residential properties, which is due to come to
an end on 31 March 2021. Removing this impact, valuations were up
modestly over the quarter for both USAF and LSAV, reflecting a
sales performance for 2020/21 in line with the valuers'
assumptions.
Overall the USAF portfolio is valued at an average yield of 5.3%
and the LSAV portfolio is valued at an average yield of 4.4%, both
unchanged over the quarter.
2021/22 reservations
Across the Group's entire property portfolio, 57% of rooms are
now sold for the next academic year (64% at the same time last
year). We expect strong student demand for 2021/22 from both
domestic and international students, but anticipate a later sales
cycle than a typical year as a result of current uncertainty
relating to Covid-19. As a result, we have increased our focus on
retaining existing direct-let customers, which has led to an
increased share of sales to re-bookers.
Joe Lister, Unite Students Chief Financial Officer, commented
:
"The USAF and LSAV portfolios have both delivered a robust
performance in 2020, despite the challenging environment resulting
from Covid-19. Bookings for the 2021/22 academic year have started
positively with 57% of rooms already sold and success in retaining
existing customers. We continue to see strong demand for places at
the high-quality Universities with which we partner."
ENDS
For further information, please contact:
Unite Students
Richard Smith / Joe Lister / Michael Burt Tel: +44 117 302 7005
Unite press office Tel: +44 7754 749 301
Powerscourt
Justin Griffiths / Victoria Heslop Tel: +44 20 7250 1446
About Unite Students
Unite Students is the UK's largest owner, manager and developer
of purpose-built student accommodation, serving the country's
world-leading Higher Education sector. We provide homes to 75,000
students across 177 properties in 27 leading University towns and
cities. We currently partner with 45 Universities across the
UK.
Our people are driven by a common purpose: to provide a 'Home
for Success' for the students who live with us. Unite's
accommodation is safe and secure, high quality and affordable.
Students live predominantly in ensuite study bedrooms, with rents
covering all bills, insurance, 24-hour security and high-speed
Wi-Fi. We also hold a five-star British Safety Council audit
rating.
Founded in 1991 in Bristol, Unite Group is an award-winning Real
Estate Investment Trust (REIT), listed on the London Stock Exchange
and a member of the FTSE 250 Index. Unite is invested in and
operates two specialist funds and joint ventures with institutional
investment partners: the GBP3 billion Unite UK Student
Accommodation Fund (USAF) and the GBP1 billion London Student
Accommodation Vehicle (LSAV).
For more information, visit:
Unite's corporate website www.unite-group.co.uk
The student site www.unitestudents.com
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END
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