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London-listed student accommodation group Unite has sold four assets for a total of £116 mln (EUR 143 mln), in line with the latest book values.

Two of the disposals, totalling £39 mln, were to third-party purchasers and two were sold to co-investment vehicles for a combined £77 mln.

Taking into account other disposals made by Unite and its co-investment vehicles earlier in 2012, a total of £ 127 million of non-core asset sales have now been completed in the open market, in line with book value, meaning that the Group is on track to achieve its target to reduce leverage to approximately 50% loan-to-value by the end of the year. The £77 mln of transactions between Unite and its co-investment vehicles are in addition to this.

North Lodge, Tottenham Hale (528 beds) was sold to the London Student Accommodation Venture between Unite and GIC Real Estate, for £46 mln. Kelvin Court, Glasgow (477 beds) was sold to the Unite UK Student Accommodation Fund (USAF) for £31 mln. The prices achieved represent an average net initial yield of 6.5%.

Disposals to co-investment vehicles comprise the sale of North Lodge, Tottenham Hale (528 beds) to the London Student Accommodation Venture (LSAV), the 50:50 joint venture with GIC Real Estate, for £46 million and the sale of Kelvin Court, Glasgow (477 beds) to the USAF for £31 mln. The prices achieved represent an average net initial yield of 6.5%.