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Unite disposes of 11 properties in England for £306 million

ALN

Unite Group said on Tuesday it has sold a portfolio of 11 properties in England to an affiliate of Dallas, Texas-based private equity firm Lone Star Funds for £306 million.

The Bristol-based student accommodation provider said the portfolio comprises of 4,488 beds and has nomination agreements covering 46% of beds on short-term contracts. Its share of the £306 million total is £236 million.

Unite said the disposals were priced in line with prevailing book value, which reflects an net operating income yield of 5.7%. It added that the disposal will see the group exit smaller, less operationally efficient assets in cities such as Bristol and Leeds. The other properties are in Sheffield, Reading, Leicester, Bedford, Liverpool and Birmingham.

Completion of four properties in the portfolio will occur on 15 March, with completion on the remaining properties following on August 31.

Shares in Unite were up 1.6% at 1,010.45 pence on Tuesday morning in London.

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