Student accommodation developer Unite has reported a 1.8% increase in the net asset value of its fund during the first quarter of 2012.
Its portfolio, comprising 21,717 bedrooms in 63 properties across 20 UK areas, is now valued at £1.2m.
The increase in NAV during the first quarter of 2012 represents an increase of 0.5% in the underlying gross property values and was driven by a 0.5% quarterly rental growth.
Joe Lister, Unite’s chief financial officer, said: “The fund’s positive performance in the first quarter of 2012 reflects a continuing rental growth, which the fund has now delivered every quarter since its creation in 2006. In line with previous guidance, we expect to deliver total rental growth of circa 3-4% during the year across Unite’s total managed portfolio.”
