Unite Group PLC (The) QUARTERLY VALUATION AND RESERVATIONS UPDATE (5384E)
08 Julio 2021 - 1:00AM
UK Regulatory
TIDMUTG
RNS Number : 5384E
Unite Group PLC (The)
08 July 2021
PRESS RELEASE
8 July 2021
THE UNITE GROUP PLC
('Unite Students', 'Unite', the 'Group', or the ' Company ')
QUARTERLY VALUATION AND RESERVATIONS UPDATE
Unite Students, the UK's leading owner, manager and developer 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 June 2021,
together with an update on reservations for the 2021/22 academic
year.
At 30 June 2021, USAF's property portfolio was independently
valued at GBP2,795 million, reflecting a 1.4% increase on a
like-for-like basis during the quarter. The portfolio comprises
29,627 beds in 76 properties across 20 University towns and cities
in the UK.
LSAV's investment portfolio was independently valued at GBP1,702
million, reflecting a 1.9% increase and 2bps of yield compression
on a like-for-like basis during the quarter. Following the
acquisition of a further two London properties from Unite during
the quarter, LSAV's investment portfolio now comprises 9,716 beds
across 14 properties in London and Aston Student Village in
Birmingham.
The like-for-like valuation increase in Q2 reflects the sales
performance to date for the 2021/22 academic year and the
expectation of a return to full occupancy, as well as the impact of
yield compression in LSAV. The USAF and LSAV portfolios are valued
at weighted average yields of 5.3% and 4.3% respectively.
2021/22 reservations
We have seen a continuation of our strong sales performance
during Q2, supported by the further easing of Covid-19 restrictions
for Universities. All higher education students were allowed to
return to in-person teaching from mid-May and the Government has
recently confirmed that there will be no restrictions on in-person
teaching and learning in universities from 16 August.
Across the Group's total property portfolio, 83% of rooms are
now reserved for the 2021/22 academic year, overtaking the prior
year but behind pre-pandemic levels in 2019/20 (2020/21: 81%,
2019/20: 89%), which reflects the impact of Covid-19 as well as a
lower level of nomination agreements following our acquisition of
Liberty Living in November 2019. The progress in sales is in line
with our expectations for a later sales cycle and we remain
confident that a record level of student applications will
translate into strong demand for our accommodation, particularly
following the planned removal of remaining Covid-19 restrictions on
19 July.
Rent collection
We have now collected 95% of rent due for the 2020/21 academic
year, excluding the impact of the 10-week rental discount offered
to customers for the second semester. This represents 92% of
forecast rent for the academic year as a whole. Our rent collection
to date remains consistent with our guidance for EPRA EPS of 27-30
pence for FY2021.
Joe Lister, Unite Students Chief Financial Officer, commented
:
"The sustained momentum in our sales reflects the strength of
student demand for the 2021/22 academic year and greater visibility
over an enhanced campus experience this autumn. There remains some
uncertainty over travel restrictions for international students
and, assuming these are eased in time for the start of the academic
year, we anticipate a return to full occupancy and 2-3% rental
growth in 2021/22."
ENDS
For further information, please contact:
Unite Students
Joe Lister / Michael Burt Tel: +44 117 302 7005
Unite press office Tel: +44 117 450 6300
Powerscourt
Justin Griffiths / Victoria Heslop Tel: +44 20 7250 1446
About Unite Students
Unite Students is the UK's largest owner, manager and developer
of purpose-built student accommodation, serving the country's
world-leading Higher Education sector. We provide homes to 73,000
students across 173 properties in 25 leading University towns and
cities. We currently partner with over 60 Universities across the
UK.
Our people are driven by a common purpose: to provide a 'Home
for Success' for the students who live with us. Unite's
accommodation is safe and secure, high quality and affordable.
Students live predominantly in ensuite study bedrooms, with rents
covering all bills, insurance, 24-hour security and high-speed
Wi-Fi. We also hold a five-star British Safety Council audit
rating.
Founded in 1991 in Bristol, Unite Group is an award-winning Real
Estate Investment Trust (REIT), listed on the London Stock Exchange
and a member of the FTSE 250 Index. Unite is invested in and
operates two specialist funds and joint ventures with institutional
investment partners: the GBP3 billion Unite UK Student
Accommodation Fund (USAF) and the GBP1 billion London Student
Accommodation Vehicle (LSAV).
For more information, visit:
Unite's corporate website www.unite-group.co.uk
The student site www.unitestudents.com
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