(Alliance News) - Unite Group PLC's property portfolio value rose by 0.5% during the first quarter of the year, it said on Monday, as students in the UK prepare to return to their universities.
An independent valuation of the portfolio placed it at GBP2.76 billion.
Meanwhile, Unite's London Student Accommodation Joint Venture was valued at GBP1.34 billion, reflecting a 1.3% increase during the three months to the end of March.
Unite said that it had seen a "strong sales performance" since reporting its 2020 financial results in mid-March, reflecting increased confidence from students as lockdown restrictions begin to ease.
Across its property portfolio, 73% of rooms are now reserved for the 2021-22 academic year with the deficit in sales to prior year continuing to narrow over recent weeks to 80%.
Unite Students Chief Financial Officer Joe Lister commented: "Our positive sales momentum reflects strong demand for the 2021-22 academic year and increasing confidence over a return to face-to-face teaching.
"Based on our expectation of an enhanced campus experience for students and a relaxation of international travel restrictions, we anticipate a return to full occupancy and 2-3% rental growth in 2021/22."
Shares in Unite Group were quoted at 1,075.50 pence in London on Monday morning, down 0.7%.
By Will Paige; willpaige@alliancenews.com
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Unite (UTG)