The value of Unite Group’s UK Student Accommodation Fund property portfolio increased to £2.34bn in the quarter ended 30 June.
This represents a 1.3% like-for-like increase during the quarter and a blended yield of 5.3%.
The student accommodation developer and manager reported its Unite UK Student Accomodation Fund has 24,759 beds in 67 properties across 21 university towns and cities.
Its London Student Accommodation joint venture has been valued at £1.28m, with 8,354 beds across 12 properties in London and Aston Student Village in Birmingham.
This represents a 1.1% like-for-like increase during the quarter and a 4.5% yield.
The company said the increase in valuations had been driven by rental growth.
For the 2019/20 academic year, 90% of beds have been let, marginally higher than those let at the same comparable period last year (89%).
Chief financial officer Joe Lister said: “This performance is driven by our focus on long-term partnerships with mid and top ranked universities and our investment in locations where demand for purpose-built student accommodation is the strongest.
“We remain confident in a rental growth outlook of 3%-3.5% for the 2019/20 academic year.”
To send feedback, e-mail lucy.alderson@egi.co.uk or tweet @LucyAJourno or @estatesgazette
