Student rooms developer offloads 14 properties

Aaron Morby 4 years ago
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The UK’s largest student rooms developer Unite has offloaded 14 properties, accommodating 3,436 bedrooms for £180m.

Discovery Heights in the centre of Plymouth city centre is one of the buildings being sold
Discovery Heights in the centre of Plymouth city centre is one of the buildings being sold

Many of the schemes are joint venture developments with Unite raising £85m from the deal to sell to media and property conglomerate Singapore Press Holdings.

Unite said the move was in line with its strategy to recycle capital by selling properties with lower than average growth prospects. It will reinvest into developments for high and mid-ranked universities, with the best long-term growth prospects.

The deal offers a net initial yield of 6.3% and is marginally below book value.
Richard Smith, Chief Executive of Unite Students, said: “The UK’s high and mid-ranked Universities are some of the most attractive for both home and international students, ensuring demand for our beds remains high.

“The transaction provides the investment capacity for our highly accretive development pipeline and target acquisitions that enhance our portfolio and support our earnings growth.”

Student properties being sold are located in Plymouth, Huddersfield, Sheffield, Birmingham, Bristol and London.

As a result of the disposal, Unite no longer has a presence in Plymouth or Huddersfield.

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