Shares in Unite Group dropped to a three-month low today, as the student accommodation operator revealed that it will take a £15m hit to rental income.
Unite is extending an existing 50% discount for students by a further three weeks. The company will lose up to £6m in those three weeks, and £15m across the total seven weeks in which the discount will apply.
The company’s shares closed at 930p, its lowest price since early November.
After a near-9% drop yesterday, Capital & Regional clawed back some value and rose by 4.1% to 58.4p, the highest rise of any REIT during the session.
The FTSE 100 finished trading at 6,507, nudging down by 0.1%. The FTSE 250 stood at 20,752, up by 0.3%.
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