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Boosted by rental growth, Britain's largest student landlord Unite Group (UTG) reported a 1.7% increase in the estimated net asset value (NAV) of its flagship UK property fund during the first quarter. The group revealed the NAV as at 31st March 2011 was 0.822 pounds per unit. Looking ahead, the firm added that it expected to deliver rental growth of 3-4% over the year. Unite shares fell 3p to 210.9p.
Unite's reservations ahead of last year Date: Friday 08 Apr 2011 LONDON (ShareCast) - Student accommodation firm Unite Group saw an increase in the net asset value (NAV) of its UNITE UK Student Accommodation Fund (USAF) in the first quarter of 2011. The NAV as at 31 March 2011 was £0.822 per unit, reflecting an increase of 1.7% during the first quarter of 2011 (31 December 2010: £0.808 per unit). Almost half (0.8 percentage points) of the gain was accounted for by movement in swap rate values, while a similar amount was caused by movement in property values. The fund’s property portfolio, comprising 21,697 beds in 64 properties across 20 UK markets, was independently valued at £1.237bn. Valuation yields remained stable during the quarter at 6.67% (31 December 2010 6.67%). In line with previous years, the group expects to recognise the majority of the annual rental growth in the next two quarterly valuations as reservations for the forthcoming academic year progress. “We expect to deliver total rental growth of 3-4% over the year in line with previous guidance particularly given that reservations for the USAF portfolio for the forthcoming academic year are already at 60%, ahead of the 57% level achieved at the same time last year,” said Unite’s chief financial officer, Joe Lister.
Commenting on the Fund's valuation, Joe Lister, UNITE's Chief Financial Officer, said: "The Fund's positive performance in the first quarter of 2011 reflects continuing rental growth, which the Fund has delivered every quarter since its creation in 2006. This resulted in a 0.5% increase in the Fund's property portfolio value. We expect to deliver total rental growth of 3-4% over the year in line with previous guidance particularly given that reservations for the USAF portfolio for the forthcoming academic year are already at 60%, ahead of the 57% level achieved at the same time last year."
http://www.investegate.co.uk/Article.aspx?id=201104080700055429E
http://www.investegate.co.uk/Article.aspx?id=201103020700191450C
Unite to reinstate dividend Date: Wednesday 02 Mar 2011 LONDON (ShareCast) - Student accommodation manager Unite Group said adjusted fully diluted NAV per share rose 11% to 295p as it underlined its confidence in future trading with the reinstatement of a dividend payment this year. "2010 has been an excellent year for UNITE and as we continue to work with our partners in the sector we look forward to 2011 and beyond with confidence," the group said in a company statement. Profit at a net portfolio contribution level rose to £4.1m for the year to 31 December 2010 from £0.6m during the same period in 2009 after high occupancy and continued rental growth. Unite said it intends to reinstate a dividend in 2011, "given the encouraging financial performance and positive outlook for the business." Chairman Phil White commented, "We have made timely and effective improvements to our capital structure and operating platform, which have contributed to a resilient performance in the recent challenging economic times and driven significant improvements in both profitability and Net Asset Value." He added, "We have a portfolio that is well positioned for continued rental growth, a well funded and attractive development pipeline that will add significantly to earnings in future years." Adjusted net debt reduced to £335m from £390m at 31 December 2009 largely as a result of the sale of £146m of assets to USAF.
i was looking at buying into unite when it was around 285 mark, and with yesterday's 10% drop (or discount as i see it) i think these shares are a real bargain. the student rental market is set to increase - which means there's plenty of steady demand for their product. i understand their asset value took a hit, as all property has. when this returns to nearer its true value, this one (i hope!) has some potential for some large gains.
sorry, not 6.00, i meant 3.00, wishful thinking or just got over excited.
Got in at 0.40, sold for 6.00, now thats what i call share dealing, thanks to the demand for uni accom. This share wil probably go much higher so its worth hanging onto dependant on when you got in!!!!! - good hunting
thats me out -its been a great ride from 72p. This is a great company and good luck to all still in here, still think there is more to come from this
I bought in today at 192 which seemed high but common sense tells me that this should rise well at this time of year as students confirm their places at uni, or has this nothing to do with the rise or fall of this SP? Should have bought into this earlier but kept thinking at some point it would fall back and provide a good buying opportunity but it just kept on rising.
this is more like it :))))
Do I see a broker to broker trade for 307k shares. Is someone filling a large order. I think some signals appeared between brokers this morning, first thing with some odd trades of 17 shares going through. Is this going to move quick
now this seems to be getting the recognition it deserves -£2.50 here we come
dont understand why this one has eased back a bit when student numbers this year and next will be at their highest levels and therefore for this company the size of their potential market market at an all time high....this is so undervalued imho -bought in at 72p, and here for the long haul but just dont understand why when all the news is so good this does not seem to be refklected in the SP?
looking like another 10% rise today -reckon we will see £1.50 by the end of the month?
it seems this stock is moving up a bit.....bought in at 70p as it seemed so amazingly undervalued and in such a strong position -looking forward to £1+
Share Price: 71.00, Bid: 72.50, Ask: 74.00
Seems they like this Stock.
http://www.investegate.co.uk/Article.aspx?id=200903090700105023O
Why when a firm has 99% occupancy and securred financing going forward is it a quarter of the price it was a year ago ? Where I live where students (or rather their parents) are more than happy to pay £100 quid a week to ensure their offspring are in good quality safe accomodation and will continue to do so. This is the basis of the UNITE business model and I cannot see why the basis of it should change unless people believe that there will be less students in the future and therfore less need for accomodation but I find that hard to believe.
You got in at the wrong time star, but snap these little puppies while you can, there's only one way that they are heading, and that is up up up up, (ok, with maybe a few downs on the way) but long term its up. Take a view of over a year and its cash in the bank!!!! Trust. Just look at the pipeline of projects coming on stream (Leeds 500 beds cracking location) and you know it makes sense. You get me!
I've been a UTG shareholder for some six months or so and frankly it's been one way traffic: downwards. Even below the price of one year ealier which takes some doing. However I note that the FT has tipped it - I hope it moves into positive territory but I'm not holding my breath.