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Unite Group PLC on Friday backed full-year guidance as it looks to speed up asset sales to allow more funds to be put towards share buybacks. ‘The board is exploring options to further accelerate our transition to a more focused, higher-quality portfolio, which would release surplus capital for reinvestment into share buybacks or University Partnerships consistent with our capital allocation framework,’ said Unite Chief Executive Joe Lister in a trading statement. The Bristol, England-based student accommodation provider said it is on track to deliver guidance for £300 million to £400 million of disposals this year, noting £130 million have been completed or are under offer and marketing, with a further £500 million sized up for sales over the next six to 12 months. Planned disposals include a portfolio of 7,000 beds in ‘exit cities and lower-growth locations for which we have seen strong initial interest from investors’. The portfolio has a lower level of occupancy and operating margins than the wider portfolio and would enhance ‘income visibility’, Unite said. ‘Our strategy is focused on increasing our alignment to the UK’s leading universities where we see the strongest prospects for housing demand and future rental growth,’ CEO Lister explained. The FTSE 250 listing has appointed investment bank Goldman Sachs to consider the best way to accelerate disposals. Part of the sale proceeds are expected to be allocated to further share buybacks, Unite said. Around £85 million of the £100 million buyback announced in January has been completed. The buyback is on track to be completed by the end of June. ‘At our upcoming AGM, we are seeking authority to repurchase up to 14.99% of share capital in anticipation of progressing disposals,’ the company said in a statement. Shares in Unite were up 1.5% at 468.00 pence each in London on Friday but have fallen 43% in the last 12 months. For the 2026/27 academic year sales cycle, 74% of beds have been reserved, compared to 76% a year prior, Unite said. It backed guidance for occupancy and rental growth at lower end of 93% to 96% and 2% to 3% ranges for the 2026/27 academic year. Unite said the Unite UK Student Accommodation Fund is valued at £2.70 billion at March 31, down 1.7% like-for-like quarter-on-quarter. The London Student Accommodation joint venture is valued at £2.03 billion, a 2.4% like-for-like fall on-quarter. Unite said the integration of Empiric Student Property PLC continues to progress well and to date has delivered £3 million of annualised cost savings. It remains confident in delivering targets for £9 million in cost synergies in 2026 and £17 million per annum from 2027 onwards. Unite completed the acquisition of fellow student accommodation provider Empiric in January. Copyright 2026 Alliance News Ltd. All Rights Reserved.
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