Both of Unite’s student accommodation funds have increased in value during the first quarter of 2019.
The Unite UK Student Accommodation Fund was independently valued at £2.266bn, representing a like-for-like increase of 0.5% during the quarter. The portfolio comprises 23,483 beds in 63 properties across 21 university towns and cities in the UK.
The London Student Accommodation Joint Venture investment portfolio was independently valued at £1.262bn, up by 1.5% in the quarter on a like-for-like basis. The portfolio comprises 8,354 beds across 12 properties in London and Aston Student Village in Birmingham.
The rise in valuations was fuelled by increases across the portfolio and supports the group’s outlook of 3%-3.5% growth for the whole of 2019. The USAF portfolio is valued at an average yield of 5.3% and the LSAV portfolio at 4.5%.
Joe Lister, Unite Students’ chief financial officer, said: “Unite Students has delivered another strong performance in the first quarter of 2019. Reservations for the 2019.20 academic years are in line with last year’s run rate and support a positive rental outlook.”
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