News Column

Unite Group Says USAF Portfolio Valued Higher In June

July 8, 2014

Anthony Tshibangu

LONDON (Alliance News) - Student accommodation provider The Unite Group PLC Tuesday said the estimated net asset value of the Unite Student Accommodation Fund rose to GBP866.9 million at the end of June, compared with GBP853.6 million at the end of March.

USAF is an open-ended non-listed real estate fund that focuses on acquiring and operating student accommodation in the UK.

At the period-end, USAF's property portfolio consisted of 21,673 beds in 598 properties across 19 UK towns and cities and was valued at GBP1.38 billion, up from GBP1.36 billion at March 31.

The movement during the quarter represents a like-for-like increase of 0.9% in the underlying value of the property portfolio, driven mainly by rental growth, Unite Group said.

The company said further rental growth is expected to be achieved as reservations for the forthcoming 2014/15 academic year progress. Reservations across USAF's properties for the academic year starting in September stand at 76% compared with 73% a year earlier.

USAF was valued at an average yield of 6.60% at June 30 compared with 6.63% at March 31.

Unite Group shares were quoted down 1.1% at 394.50 pence Tuesday morning.

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Source: Alliance News

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