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Unite sells eight student accommodation properties for £133m
StockMarketWire.com
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Student accommodation developer Unite said it had sold a portfolio of eight properties for £133 million to Aventicum Real Estate.
The disposal portfolio, comprising 2,284 beds included assets in Coventry, Wolverhampton, Birmingham, Exeter and Manchester.
Unite said the sale was part of its 'proactive portfolio management strategy' and would see it exit a number of subscale markets, while improving alignment to high and mid-ranked universities.
The disposals were priced at a net operating income yield of 6.5% and a 2% discount to prevailing book value.
'This disposal forms part of our target to dispose of £200-300 million of assets in 2021,' chief executive Richard Smith said.
'The sale is consistent with our strategy of increasing our exposure to high and mid-ranked Universities where demand is strongest, while delivering operational efficiencies that contribute towards our target for an improvement in our EBIT margin to 74% by the end of 2023.'
Story provided by StockMarketWire.com
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