Unite Disposes of Six Properties For £33 Million
Source: RNS
PRESS RELEASE
21 September 2022
THE UNITE GROUP PLC
('Unite Students', 'Unite', the 'Group', or the 'Company')
UNITE STUDENTS DISPOSES OF SIX PROPERTIES FOR £33 MILLION
Unite Students, the UK's leading owner, manager and developer of student accommodation, today announces the disposal of a portfolio of six properties in Aberdeen, comprising 1,050 beds for £33 million (Unite share: £20 million) to Clearbell Property Partners III LP, a fund managed by Clearbell Capital LP.
The disposal is priced in line with prevailing book value, which reflects a passing NOI yield of 6.0% for the 2022/23 academic year. This disposal sees the Group exit several smaller and less operationally efficient assets whilst retaining 911 beds across two properties in close proximity to each other in Aberdeen. The Group has now completed the sale of a total £339 million (Unite share: £256 million) of properties in 2022, completing the Group's planned disposal activity for the year.
Nick Hayes, Group Property Director of Unite Students, commented:
"This disposal of six small and less operationally efficient assets further enhances our alignment to the strongest markets where demand is highest. The proceeds will be used to help enhance our existing portfolio and to deliver on our record £1 billion secured development pipeline."
ENDS
For further information, please contact:
Unite Students
Joe Lister / Michael Burt Tel: +44 117 302 7005
Unite press office Tel: +44 117 450 6300
Powerscourt
Justin Griffiths / Courtney Sanford Tel: +44 20 7250 1446
About Unite Students
Unite Students is the UK's largest owner, manager and developer of purpose-built student accommodation (PBSA) serving the country's world-leading higher education sector. We provide homes to 75,000 students across 169 properties in 25 leading university towns and cities. We currently partner with over 60 universities across the UK.
Our people are driven by a common purpose: to provide a 'Home for Success' for the students who live with us. Unite Students' accommodation is safe and secure, high quality, and affordable. Students live predominantly in en-suite study bedrooms with rents covering all bills, insurance, 24-hour security and high-speed Wi-Fi. We also achieved a five-star British Safety Council rating in our last audit.
We are committed to raising standards in the student accommodation sector for our customers, investors and employees. This is why our new Sustainability Strategy, launched in 2021, includes a commitment to become net zero carbon across our operations and developments by 2030.
Founded in 1991 in Bristol, the Unite Group is an award-winning Real Estate Investment Trust (REIT), listed on the London Stock Exchange. For more information, visit Unite Group's corporate website www.unitegroup.com or the Unite Students' site www.unitestudents.com
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