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Unite Group PLC (UTG)

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Thursday 05 April, 2012

Unite Group PLC

USAF Valuation

RNS Number : 8723A
Unite Group PLC
05 April 2012

5 April 2012



("UNITE", the "Group", or the "Company")




The UNITE Group plc, the UK's leading developer and manager of student accommodation, today reports the Estimated Net Asset Value* ("NAV") of the UNITE UK Student Accommodation Fund (the "Fund") as at 31 March 2012.


The NAV as at 31 March 2012 was £0.872 per unit, reflecting an increase of 1.8% during the first quarter of 2012 (31 December 2011: £0.857 per unit).


The principal components of the movement in the value of the units were as follows:


Effect on Estimated NAV per unit:



Movement in property values


Movement in swap values


Increase in net cash


Other factors


Increase in Estimated NAV per unit


Increase in underlying gross property values



In arriving at the value of the Fund's units, its property portfolio, now comprising 21,717 beds in 63 properties across 20 UK markets, was independently valued at £1,279 million.


The movement during the first quarter represents an increase of 0.5% in the underlying gross property values driven by 0.5% of quarterly rental growth. The portfolio average valuation yield remained stable in the quarter at 6.67% (31 December 2011 6.67%). In line with previous years we anticipate further rental growth will be recognised in the portfolio valuation as reservations for the forthcoming academic year progress.


Commenting on the Fund's valuation, Joe Lister, UNITE's Chief Financial Officer, said:


"The Fund's positive performance in the first quarter of 2012 reflects continuing rental growth, which the Fund has now delivered every quarter since its creation in 2006. In line with previous guidance we expect to deliver total rental growth of circa 3-4% during the year across UNITE's total managed portfolio."



For further information, please contact:


The UNITE Group plc

Joe Lister, Chief Financial Officer

Paul Harris, Strategy and Corporate Relations Director

Sally Quigg, Head of Corporate Communications


Tel: 0117 302 7004

FTI Consulting

Stephanie Highett

Dido Laurimore

Toyah Simpson

Tel: 020 7831 3113


About The UNITE Group 

The UNITE Group is the UK's leading developer and manager of student accommodation, with a business model that focuses on two core areas:

1.    Development and Asset Management: UNITE undertakes the acquisition, planning and development of purpose-built student accommodation in the UK. Through the continuous assessment of quality and location of its investment portfolio, UNITE is well positioned to deliver value-adding strategies to those assets where further opportunities are identified. Working on behalf of its partners, UNITE acts as Fund Manager for the UNITE UK Student Accommodation Fund in addition to being 16.3% shareholders. UNITE also manages a number of Joint Venture partnerships.

2.    Professional property management: UNITE is home to some 40,000 students and has consistently proven high occupancy levels across its portfolio.


UNITE works closely with universities and colleges, in order to deliver high quality, well-located student accommodation at affordable prices in strong higher education markets.  

Founded in 1991, UNITE is listed on the London Stock Exchange (UTG).


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