Disposal of £186m asset to USAF
Summary by AI BETAClose X
24 February 2026
THE UNITE GROUP PLC
('Unite Students', 'Unite', the 'Group', or the 'Company')
DISPOSAL OF £186M ASSET TO USAF
Unite Students, the UK's leading owner, manager and developer of student accommodation, today announces that it has agreed the sale of St Pancras Way, a 571-bed property in London, to the Unite UK Student Accommodation Fund ('USAF') for £186 million (Unite share: £126 million).
St Pancras Way was developed by Unite in 2014 and is fully nominated to University College London for the 2026/27 academic year. A light refurbishment of the common areas will complete later this year.
The £186 million disposal, which is subject to technical due diligence, represents a c.1% discount to December 2025 book value and reflects a Net Operating Income yield of 4.7%.
The transaction will be funded by existing cash headroom in USAF and the issue of new USAF units, to be fully underwritten by Unite. Subject to existing USAF investors choosing to exercise their pre-emption rights, the USAF equity issue will increase Unite's ownership in USAF from 30% to a maximum of 32% and Unite expects to receive minimum net proceeds of £115m in cash. Unite intends to maintain its ownership in USAF at around 30% over the medium-term.
The transaction is anticipated to close in April following completion of the USAF equity raise. The disposal is incorporated into the Group's earnings guidance for the 2026 financial year.
Joe Lister, Chief Executive of Unite Students, commented:
"The disposal of St Pancras Way is part of the Group's strategy to accelerate disposals to £300-400 million p.a.. The sale to USAF means we remain invested in a high-quality London asset, while enhancing management fee income and releasing capital for reinvestment into higher-returning opportunities in accordance with our capital allocation priorities."
ENDS
For further information, please contact:
Unite Students
Joe Lister / Mike Burt / Saxon Ridley Tel: +44 117 302 7005
Press office Tel: +44 117 450 6300
Sodali & Co
Ben Foster / Sam Austrums / Louisa Henry Tel: +44 20 7250 1446
About Unite Students
Unite Students is the UK's largest owner, manager and developer of purpose-built student accommodation (PBSA) serving the country's world-leading higher education sector. We provide homes to 72,000 students across 208 properties in 29 leading university towns and cities. We currently partner with over 60 universities across the UK.
Our people are driven by a common purpose: to provide a 'Home for Success' for the students who live with us. Unite Students' accommodation is safe and secure, high quality and affordable. Students live predominantly in en-suite study bedrooms with rents covering all bills, insurance, 24-hour security and high-speed Wi-Fi.
We are committed to raising standards in the student accommodation sector for our customers, investors and employees. Our Sustainability Strategy includes a commitment to become net zero carbon across our operations and developments by 2030.
Founded in 1991 in Bristol, the Unite Group is an award-winning Real Estate Investment Trust (REIT), listed on the London Stock Exchange. For more information, visit www.unitegroup.com, www.unitestudents.com or www.hellostudent.co.uk.
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