The value of Unite Group’s portfolio has reached £2.82bn during the first six months of 2018. This represents a 9% increase since December 2017, when it was valued at £2.59bn.
The business currently has 52,000 operational beds for the 2018-19 academic year.
Chief executive of Unite Students, Richard Smith, said: “The focus on our operating platform, property portfolio and university partnerships, supported by attractive market dynamics, continues to drive growth…We are opening seven new properties over the summer.”
“Looking ahead, our market leading brand, scalable operating platform and deep development pipeline leave us on track to deliver expected earnings and dividend growth for the full year.”
Chief financial officer, Joe Lister, added: “In the first six months, we saw a strong growth in earnings driven by growth in our underlying portfolio. We are focusing on relationships with high and mid-ranked universities as this is where we believe the growth will come from in the current marketplace.”
In total, around 60% of the group’s beds are sold to universities while 40% are sold directly to students.
EPRA earnings rose 31% to £52.9m from £40.4m last year.
The company’s profit before tax rose 70% to £142.5m from £83.9m in H1 2017.
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