Unite sees strength in London with 7.4% surge

Student accommodation provider Unite has reported a 7.4% surge in the value of its London joint ventures for the year ended 31 December. The London Student Accommodation Joint Venture rose to £1.34bn, with a 2.7% jump in the last quarter. The fund has 8,354 beds across 12 properties in London and Birmingham. The increase in these areas was double the value uptick in its nationwide portfolio. The value of Unite’s UK Student Accommodation Fund rose by 3.1% in the year to £2.85bn. This fund focuses on 22 university towns and cities across the UK, with 79 buildings and more than 30,000 beds. Joe Lister, Unite Students’ chief financial officer, said: “Returns have been delivered through high levels of occupancy, rental growth and have been enhanced by yield compression in London.” Lister said Unite assets are 68% booked for the 2020/21 academic year, ahead of the previous year, reflecting “continuing strong demand for places at the high-quality universities with which we partner”. To send feedback, e-mail emma.rosser@egi.co.uk or tweet @EmmaARosser or @estatesgazette