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Unite Group sells student accommodation properties for £180.5m
StockMarketWire.com
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Unite Group said it had exchanged contracts with Singapore Press Holdings for the sale of 14 properties, comprising 3,436 beds, for £180.5m.
Unite's share of the assets was worth £84.7m and the deal was expected to be completed later in September, the company said.
The purchase price reflected a net initial yield of 6.3% and was 'marginally' below book value.
The portfolio was made up of a combination of wholly-owned properties in Plymouth, Huddersfield, Sheffield, Birmingham, Bristol and London.
As a result of the disposal, Unite no longer had a presence in Plymouth or Huddersfield and 'the efficiency and quality of the portfolio has been enhanced', it said.
'The transaction is in line with Unite's strategy to recycle capital through the disposal of assets with lower-than-average growth prospects and reinvest into developments increasingly focusing on high and mid-ranked universities, which have the best long-term growth prospects,' the company said.
Story provided by StockMarketWire.com
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