Last checked at 5 Feb 2018 07:00
5 February 2018
THE UNITE GROUP PLC
("Unite Students", "Unite", the "Group", or the "Company")
UNITE STUDENTS ACCOMMODATION FUND (USAF) ACQUIRES 331-BED PROPERTY IN EDINBURGH
Unite Students, the UK's leading manager and developer of student accommodation, announces that Unite Students Accommodation Fund (USAF) has acquired 123 Fountainbridge in Edinburgh for a total consideration of £24 million, representing an acquisition yield of 6%.
The site, located close to the University of Edinburgh's campus on Prince's Street, consists of 331 beds and is 100% let for the 2017/2018 academic year.
The transaction supports Unite's strategy of aligning its property portfolio with high-ranking universities in the UK where student numbers are growing, and creating further earnings growth and visibility.
The 123 Fountainbridge site adds to Unite's existing portfolio of four assets in the city and increases the total number of beds to 1,680.
Richard Simpson, Group Property Director, Unite Students said:
"Edinburgh is one of the leading university destinations, with increasing student numbers. Combined with our other four Unite sites in the city, 123 Fountainbridge offers further diversification within our portfolio providing students with one of the most affordable student accommodation options in the city centre. This is a great addition to our portfolio and at 100% occupancy for the 2017/2018 academic year, it is clearly proving a popular choice for Edinburgh's growing student population."
-ENDS-
For further information, please contact:
Unite Students Joe Lister, Chief Financial Officer Candice Macdonald, Head of Communications
Powerscourt Justin Griffiths Alison Watson Mazar Masud |
Tel: +44 117 302 7005 Tel: +44 7525 592 521
Tel: +44 20 7250 1446 |
Notes to editors:
About Unite Students
Unite Students is the UK's largest manager and developer of purpose-built student accommodation serving the country's world-leading higher education sector. We currently provide homes for almost 50,000 students in more than 140 properties across 24 leading university towns and cities in England and Scotland. Unite also has a strong development pipeline, which will deliver a further 8,000 beds in the next three years.
Our 1,450 people are driven by a common purpose: to provide the students who live with us a 'Home for Success' and to be the most trusted brand in the sector. We do this through great service, great people and great properties, all designed on the basis of an unrivalled insight into students' needs and preferences.
Unite's accommodation is high quality, safe and secure, and located close to university campuses, transport links and local amenities. Students live predominantly in en-suite study bedrooms with rents covering all bills, insurance, 24-hour security, fortnightly cleaning services and high-speed Wi-Fi. MyUnite, our mobile app, provides practical support such as instant messaging and maintenance requests.
Our commitment to customer service is powered by an innovative, in-house operating platform. It provides a wide range of benefits to our students, such as an optimised online booking process, as well as providing us with a unique ability to drive value from our portfolio through scale efficiencies and revenue management.
Alongside delivering great service, our other strategic priority is delivering growing and sustainable earnings, underpinned by a strong capital structure. A key part of this strategy is growing the number of beds let though partnerships with mid and high tariff universities which are experiencing record levels of student demand. We currently partner with 60 higher education institutions, guaranteeing that approximately 60% of our rooms are let under multi-year, 'nomination agreements' providing high visibility of forward occupancy and rental growth.
Unite is invested in and operates two specialist funds and joint ventures with institutional investment partners: the £2 billion Unite UK Student Accommodation Fund (USAF), and the £1 billion London Student Accommodation Vehicle (LSAV).
Unite is the founder of and major donor to the Unite Foundation, a charitable trust established to support talented students facing challenging financial circumstances through the provision of free accommodation annual scholarships. The Foundation has so far provided scholarships for 250 young people working in close collaboration with 28 universities.
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.
For more information, please visit Unite's corporate website www.unite-group.co.uk, the student site www.unite-students.com or the Unite Foundation www.unitefoundation.co.uk.