Unite boosts share buyback plans as completes St Pancras Way sale

(Alliance News) - Unite Group PLC on Monday said it has completed the disposal of St Pancras Way to Unite UK Student Accommodation Fund and extended its share buyback programme.

Bristol, England-based student accommodation provider Unite acts as the asset manager, operator and significant investor in USAF.

Unite will receive proceeds of GBP126 million from the GBP186 million sale which was first announced in February.

Of this, Unite will receive around GBP115 million in cash, with the remainder in new USAF units, increasing its stake in the fund to 32% from 30% at the end of 2025.

The disposal price represents a 1% discount to the asset's December 2025 book value.

Following the sale, Unite said it will extend its share buyback programme by GBP65 million to GBP165 million in total.

"This reflects confidence in Unite's long-term prospects and high-quality balance sheet and represents a highly attractive investment opportunity for the company," the firm said.

The additional tranche will be funded from disposal proceeds, while remaining funds will support development capex and university partnerships.

To date, Unite has acquired GBP98 million out of the initial GBP100 million buyback programme.

Future capital allocation will be "kept under review", Unite said as it progresses its accelerated disposal programme, which is on track to deliver GBP300 million to GBP400 million of proceeds in 2026.

Shares in Unite rose 0.6% to 485.12 pence each in London on Monday.

By Jeremy Cutler, Alliance News reporter

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