Securitisation Report

Unite Group PLC
12 November 2003


Date:                    12 November 2003
On behalf of:            UNITE Finance One plc
Embargoed until:         0700hrs



UNITE Announces Sales Growth and Trading in Line with Forecasts in Quarterly
Securitisation Report



UNITE Finance One plc, the wholly owned subsidiary of The UNITE Group plc
established for the purposes of the Group's first securitisation in April 2002,
has today issued its quarterly report to bondholders.

The report contains trading information relating to the Group's securitised
portfolio of student and key worker accommodation, comprising 9,961 beds
representing substantially all of the Group's income generating property
portfolio as at 31 December 2001.  The Group will have a total of 21,215
income-generating beds following the completion of over 6,000 new beds in 2003.
The full text of the report is appended to this announcement.

UNITE report portfolio performance and securitisation coverage ratios as
follows:

•   The UNITE Finance One plc securitisation debt service coverage ratio for the 
    12 months to October was 126% against a covenant of 120%. The UNITE Finance 
    One plc interest cover ratio for the period was 130%.

•   Occupancy across the securitised portfolio currently averages 96%.  UNITE's 
    current occupancy across its total income-generating portfolio also stands 
    at 96% of available rooms in line with our stated targets for mature and new 
    (year 1) properties.  Like for like rental income growth on all properties 
    over one year old for the 2003/04 academic year is expected to be 7.6% 
    reflecting continued sector increases in rent above inflation, higher 
    take-up of longer tenancy options and stabilisation of income at year 2 
    properties.



Enquiries:

UNITE
Simon Bernstein, Chief Financial Officer           [phone]

Redleaf Communications
Emma Kane                                          [phone]/07876 338 339





                            Obligor Quarterly Report


Loan Determination Date: 24 October 2003

Date of Report:
                                                             Opening Balance      Amortisation    Closing Balance
                                                                           £                 £                  £

Initial Class A Advance                                          144,942,444           216,504        144,725,940
Initial Class B Advance                                           65,000,000               Nil         65,000,000
Initial Class C Advance                                           63,000,000               Nil         63,000,000

                                                                                     Scheduled               Paid
                                                                                             £                  £

Interest in respect of the initial Class A Advance                                   2,147,289          2,147,289
Principal in respect of the initial Class A Advance                                    216,504            216,504
Interest in respect of the initial Class B Advance                                   1,076,530          1,076,530
Principal in respect of the initial Class B Advance                                        Nil                Nil
Interest in respect of the initial Class C Advance                                   1,346,436          1,346,436
Principal in respect of the initial Class C Advance                                        Nil                Nil
                                                                                     4,786,759          4,786,759

                                                                                                                £

Unscheduled Prepayment of the Initial Class A Advance                                                         Nil
Unscheduled Prepayment of the Initial Class B Advance                                                         Nil
Unscheduled Prepayment of the Initial Class C Advance                                                         Nil

                                                                             4 Quarters to LDD       This quarter

                                                                                             £                  £
Net Rental Income                                                                   30,153,650          9,491,864
Gross Rental income                                                                 29,750,049          9,491,864
Permitted Operating Costs                                                            3,745,391          1,027,774
Capital Expenditure                                                                    819,242            423,292
Available Funds                                                                                         9,443,213
Debt Service                                                                        25,184,260          6,408,228
Adjusted Debt Service                                                               25,184,260          6,408,228
Alternative Debt Service                                                            18,931,405          4,786,759
Anticipated Debt Service                                                                                6,414,216
Spot Coverage Ratio                                                                                          165%
Coverage Ratio                                                                                               126%
Relevant Shortfall                                                                                            Nil
Anticipated Gross Rent                                                                                 20,069,568
Debt Service Excess                                                                                     3,928,520
POC Overspend                                                                              Nil                Nil
POC Underspend                                                                         403,602                Nil
Required Retention Amount                                                                                     Nil
Scheduled Permitted Operating Costs Allowance                                                           1,037,248
Scheduled Property Management Fee                                                      436,148            148,178
Capital Expenditure Reserving                                                        1,718,522            436,043
Average Portfolio Occupancy                                                                                 90.0%
Average Portfolio Occupancy - excluding vacation periods                                                    97.0%
Credit Reserve Level                                                                                   12,000,000
Periodic Fee                                                                                                  Nil
Refinancing LTV                                                                                             75.1%

Details of any Structural Alterations:                                                                       None

Property/Property, Property/Cash or Cash/Property                                                            None
Substitutions

Property or Cash Collateral Withdrawals:                                                                     None

Coverage Ratio Calculation                                                                          Spot Coverage
                                                                                Coverage Ratio              Ratio

Gross Rental Income                                                                 29,750,049          9,491,864
Permitted Operating Costs                                                          (3,745,391)        (1,027,774)
Scheduled Property Management Fee                                                    (436,148)          (148,178)
Capex Debt Service                                                                 (1,718,522)          (436,043)
                                                                                    23,849,988          7,879,869

Alternative Debt Service                                                            18,931,405          4,786,759

                                                                                          126%               165%


                      This information is provided by RNS
            The company news service from the London Stock Exchange