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Quarterly valuation update for the USAF and LSAV – 08 October 2019

8 October 2019

The Unite Group plc, one of the UK’s leading owners, managers and developers of student accommodation, announces the quarterly property valuation of the Unite UK Student Accommodation Fund (‘USAF’) and the London Student Accommodation Joint Venture (‘LSAV’) as at 30 September 2019.

At 30 September 2019, USAF’s property portfolio was independently valued at £2,445 million, representing a like-for-like increase of 0.6% during the quarter. The portfolio comprises 25,177 beds in 68 properties across 21 University towns and cities in the UK.

LSAV’s investment portfolio was independently valued at £1,300 million, up 1.9% in the quarter on a like-for-like basis. LSAV’s investment portfolio comprises 8,354 beds across 12 properties in London and Aston Student Village in Birmingham.

The valuation increase is predominantly driven by rental growth with LSAV also benefiting from a one-time reversionary uplift at one of its larger properties. Overall the USAF portfolio is valued at an average yield of 5.2% whilst the LSAV portfolio is valued at an average yield of 4.5%.

As we enter the final stages of the lettings cycle for the 2019/20 academic year, Unite Students has achieved a strong lettings performance across its whole portfolio with 98% of bed spaces let (2018/19: 98%). This supports annual rental growth of 3.0-3.5%, through a combination of value-driven price increases and improved utilisation.

Joe Lister, Unite Students Chief Financial Officer, commented:

“We have delivered another strong reservations performance for 2019/20 across our whole portfolio, demonstrating the continued demand for our rooms and services. The performance is driven by our focus on long-term partnerships with high-quality universities and our investment in university towns and cities where demand for purpose-built student accommodation is strong.”

For further information, please contact:

Unite Students

Richard Smith / Joe Lister / Paul Richmond

Tel: +44 117 302 7005


Justin Griffiths / Victoria Heslop

Tel: +44 20 7250 1446