The Unite Group, the UK's leading developer and manager of student accommodation, has reported an increase of 1.5% in its estimated net asset value.
The Unite Group, the UK's leading developer and manager of student accommodation, has reported an increase of 1.5% in its estimated net asset value.
The NAV as at 30 September 2012 was £669.6 mln (EUR 827 mln), reflecting an increase of 1.5% during the third quarter of 2012. Its property portfolio, which comprises 21,349 beds in 59 properties across 20 UK towns and cities, was independently valued at £1.285 mln.
Rental growth for the 2012/13 academic year, combined with asset management activities, has resulted in an increase in property values of 3.3% over the past 12 months. Valuation yields again remained stable during the quarter at 6.67%.
Commenting on the fund’s valuation, Joe Lister, Unite's Chief Financial Officer, said: 'USAF has delivered another strong performance in the third quarter of 2012 driven by on-going rental growth and augmented by accretive asset management activity. This has ensured that property values have now increased by 3.3% over the past 12 months.'
