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Unite Group student accommodation asset values rise in 2018
StockMarketWire.com
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Student accommodation developer Unite Group said the valuation of its two key investment vehicles had risen, for both the fourth quarter and the full year.
Unite UK Student Accommodation Fund's property portfolio was independently valued at £2.25bn at the end of December, representing a like-for-like increase of 1.1% during the quarter and 5.0% over the full year.
The London Student Accommodation Joint Venture's investment portfolio was independently valued at £1.24bn, up 2.7% in the quarter on a like-for-like basis and 8.4% over the full year.
The increase in valuations was driven by a combination of rental growth and yield compression across the portfolio, the company said.
'The performance has been delivered through our partnerships with high quality universities supporting high levels of occupancy and rental growth,;' chief financial officer Joe Lister said.
'Bookings for the 2019/20 academic year have started strongly with 67% of rooms already sold, with 57% guaranteed by nominations agreements at rental levels that are supportive of delivering rental growth in line with our target of 3.0-3.5%,' he added.
Story provided by StockMarketWire.com
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