Securitisation Report

Unite Group PLC
11 February 2005

Date:                      11 February 2005

On behalf of:              UNITE Finance One plc

Embargoed until:           0700hrs





UNITE Releases Quarterly Securitisation Report



UNITE Finance One plc, the wholly owned subsidiary of The UNITE Group plc
established for the purposes of the Group's securitisation in April 2002, has
today issued its standard 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
completed prior to 31 December 2001 and representing 38% of its total completed
portfolio. The full text of the report is appended to this announcement.



UNITE reported coverage ratio and occupancy levels as follows:



•        The debt service coverage ratio for the 12 months to January 2005 was 
         123% (January 2004: 126%) against a covenant of 120%. The interest 
         cover ratio for the period was 132% (January 2004: 131%);



•        Term-time occupancy remains strong across the securitised portfolio 
         and averaged 96% for the 12 months to January 2005 (January 2004: 97%).



Enquiries:


UNITE
Mark Allan, Group Finance Director          [phone]



Redleaf Communications
Emma Kane                                   [phone]/
                                             07876 338 339





                                          Obligor Quarterly Report


Loan Determination Date: 25 January 2005

Date of Report:  4 February 2005

                                                      Opening Balance        Amortisation     Closing Balance
                                                                    £                   £                   £

Initial Class A Advance                                   143,610,537             453,378         143,157,159
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                              2,127,501           2,127,501
Principal in respect of the Initial Class A Advance                               453,378             453,378
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

                                                                                5,003,845           5,003,845

                                                                                                            £

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



                                                                        4 Quarters to LDD        This quarter
Net Rental Income                                                              30,583,840           6,551,606
Gross Rental Income                                                            29,804,478           6,895,567
Permitted Operating                                                             3,353,356           1,367,164
Costs
Capital Expenditure                                                               700,092              62,233
Available Funds                                                                                    10,298,619
Debt Service                                                                   26,047,450           6,629,384
Adjusted Debt Service                                                          26,047,450           6,629,384
Alternative Debt Service                                                       19,581,208           5,003,845
Anticipated Debt Service                                                                            6,648,608
Spot Coverage Ratio                                                                                       99%
Coverage Ratio                                                                                           123%
Relevant Shortfall                                                                                        Nil
Anticipated Gross Rent                                                                             14,267,027
Debt Service Excess                                                                                 5,015,962
POC Overspend                                                                         Nil             343,961
POC Underspend                                                                    779,362                 Nil
Required Retention                                                                                        Nil
Amount
Scheduled Permitted Operating Costs Allowance                                                       1,033,179
Scheduled  Property Management Fee                                                587,737             147,597
Capital Expenditure Reserving                                                   1,761,612             444,763
Average Portfolio Occupancy                                                                             90.0%
Average Portfolio Occupancy - excluding vacation                                                        95.6%
periods
Credit Reserve Level                                                                               12,000,000
Periodic Fee                                                                                              Nil
Refinancing LTV                                                                                         72.7%


Details of any Structural Alterations:                                                                   None

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

Property or Cash Collateral Withdrawals:                                                                 None

Coverage Ratio
Calculation
                                                                           Coverage Ratio Spot Coverage Ratio

Gross Rental Income                                                            29,804,478           6,895,567
Permitted Operating                                                           (3,353,356)         (1,367,164)
Costs
Scheduled Property Management Fee                                               (587,737)           (147,597)
Capex Reserving                                                               (1,761,612)           (444,763)
                                                                               24,101,773           4,936,042

Alternative Debt Service                                                       19,581,208           5,003,845

                                                                                     123%                 99%





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