Unite reservations climb to 83%
Student accommodation provider Unite has reserved 83% of the beds across its 73,000-bed portfolio for the academic year 2021-22.
This has overtaken the previous year’s 81%, but still sits behind pre-pandemic levels of 89% a year earlier.
Unite said the figure reflected the ongoing impact of Covid-19, as well as a lower level of nomination agreements, following the Liberty Living acquisition in 2019.
Student accommodation provider Unite has reserved 83% of the beds across its 73,000-bed portfolio for the academic year 2021-22.
This has overtaken the previous year’s 81%, but still sits behind pre-pandemic levels of 89% a year earlier.
Unite said the figure reflected the ongoing impact of Covid-19, as well as a lower level of nomination agreements, following the Liberty Living acquisition in 2019.
The listed landlord said it anticipated further upticks following the lifting of restrictions in England on 19 July.
The growth in sales drove small increases in its valuations, in a trading update for the three months ended 30 June.
Increases were stronger in London. The London Student Accommodation Joint Venture climbed by 1.9% to £1.702bn, with a weighted average yield of 4.3%. LSAV comprises 9,716 beds across 14 properties in London and Aston Student Village in Birmingham.
The Unite UK Student Accommodation Fund, which is spread across 20 cities, rose by 1.4% to £2.795bn. The fund comprises 29,627 beds across 76 properties. It has a weighted average yield of 5.3%.
Unite has collected 95% of rent due for the current academic year and has forecast 92% for the full year.
Chief financial officer Joe Lister said: “There remains some uncertainty over travel restrictions for international students and, assuming these are eased in time for the start of the academic year, we anticipate a return to full occupancy and 2-3% rental growth in 2021/22.”
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