(Alliance News) - Unite Group PLC said Tuesday both of its portfolios achieved like-for-like growth over the third quarter of 2019.
The FTSE 250-listed student accommodation provider said as of September 30, the UK Student Accommodation Fund was valued at GBP2.45 billion, up 0.6% on a like-for-like basis in the quarter.
The portfolio currently comprises 25,177 beds in 68 properties across 21 UK towns and cities.
Meanwhile, the London Student Accommodation joint venture ended September with a value of GBP1.30 billion, reflecting 1.9% like-for-like growth. Unite attributed the valuation increase to a one-time reversionary uplift in one of the joint venture's larger properties.
The joint venture's portfolio comprises 8,354 beds across 12 properties in London and the Aston Student Village in Birmingham.
Overall, the USAF portfolio is valued at an average yield of 5.3%, while the LSAV's portfolio is valued at 4.6%.
"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," said Chief Financial Officer Joe Lister.
Shares in Unite were up 0.1% at 1,083.00 pence on Tuesday morning in London.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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Unite (UTG)