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Unite disposes of nine properties, exits Aberdeen market
(Sharecast News) - Student accommodation provider Unite Group exchanged contracts for the disposal of a portfolio of nine properties on Thursday to an affiliate of Lone Star Funds. Unite said on Thursday that it will net £140.0m from the £212.0m sale of the assets in Aberdeen, Leicester, Leeds, Nottingham and Sheffield, with the disposals priced at a roughly 1% discount to their December 2024 book value and reflecting a net operating income yield of 6.4% based on 2025/26 income.
The FTSE 100-listed firm stated the disposal was part of its strategy to increase alignment with high and mid-ranked universities and properties, with the strongest prospects for sustainable long-term rental growth. It also highlighted that the disposal will see it fully exit the Aberdeen market.
Unite stated proceeds of the sale will be recycled into investment activity in the group's strongest markets, including its recently announced university partnership with Manchester Metropolitan University, and used to satisfy remaining redemption requests in USAF.
Chief executive Joe Lister said: "These disposals increase the alignment of our portfolio to the strongest university cities and continues our disciplined approach to recycling capital. Purpose-built student accommodation continues to attract institutional capital as the growing UK 18-year-old population and improving trends in international recruitment underpin demand for high-quality student accommodation".
As of 0730 BST, Unite shares were untraded at 854.54p.
Reporting by Iain Gilbert at Sharecast.com
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