Securitisation Report

Unite Group PLC
13 February 2006

Date:                          13 February 2006

On behalf of:                  UNITE Finance One plc

Embargoed until:               0900hrs





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.



The securitised portfolio continues to perform in line with expectations:



-  Term time occupancy averaged 93.8% for the twelve months to January
   2006, versus 95.6% achieved in the twelve months to January 2005.



-  The debt service coverage ratio for the year to January 2006 stood at
   122% versus 123% for the previous twelve months.



-  The interest coverage ratio for the year to January 2006 increased to
   136% from 132% for the previous twelve months.



The full text of the Quarterly Securitisation Report is appended to this
announcement.



ENDS



Enquiries:


UNITE

Mark Allan, Chief Financial Officer             020 7902 5060


Redleaf Communications
Emma Kane/Wendy Timmons                         020 7955 1410/
                                                07876 338 339



Further information on UNITE is available at www.unite-group.co.uk



Obligor Quarterly Report

Loan Determination Date: 24 January 2006
Date of Report:   10 February 2006

                                                            Opening Balance         Amortisation        Closing Balance
                                                                          £                    £                      £

Initial Class A Advance                                         141,663,456              575,016            141,088,440
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                                     2,098,692              2,098,692
Principal in respect of the Initial Class A Advance                                      575,016                575,016
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

                                                                                       5,096,674              5,096,674

                                                                                                                      £

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                                                                     30,990,317              6,601,429
Gross Rental Income                                                                   30,011,560              6,601,429
Permitted Operating Costs                                                              3,169,202              1,050,054
Capital Expenditure                                                                      821,047                    Nil
Available Funds                                                                                               8,460,365
Debt Service                                                                          26,564,360              6,624,435
Adjusted Debt Service                                                                 26,564,360              6,624,435
Alternative Debt Service                                                              20,201,329              5,096,674
Anticipated Debt Service                                                                                      6,637,701
Spot Coverage Ratio                                                                                                 99%
Coverage Ratio                                                                                                     122%
Relevant Shortfall                                                                                                  Nil
Anticipated Gross Rent                                                                                       13,787,583
Debt Service Excess                                                                                           3,558,158
POC Overspend                                                                                Nil                    Nil
POC Underspend                                                                           978,758                    Nil
Required Retention Amount                                                                                           Nil
Scheduled Permitted Operating Costs Allowance                                                                 1,036,990
Scheduled  Property Management Fee                                                       375,087                 37,035
Capital Expenditure Reserving                                                          1,796,999                453,736
Average Portfolio Occupancy                                                                                         88%
Average Portfolio Occupancy - excluding vacation periods                                                            94%
Credit Reserve Level                                                                                         12,000,000
Periodic Fee                                                                                                        Nil
Refinancing LTV                                                                                                   70.2%


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                                                                   30,011,560              6,601,429
Permitted Operating Costs                                                            (3,169,202)            (1,050,054)
Scheduled Property Management Fee                                                      (375,087)               (37,035)
Capex Reserving                                                                      (1,796,999)              (453,736)
                                                                                      24,670,272              5,060,604

Alternative Debt Service                                                              20,201,329              5,096,674

                                                                                            122%                    99%




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