Unite seeks London bargains
Student accommodation firm Unite is looking to buy up development sites in London at ‘attractive’ prices and has scrapped the interim dividend to save cash.
The firm lost £29.4m before tax during the six months to 30 June, up from £11.5m a year ago, although recurring profit grew to £3.5m from a loss of £2.9m in 2008.
Adjusted fully diluted net asset value was down 12% to 286p from 325p at the end of 2008.
‘Looking to the future, clear opportunities are beginning to emerge to acquire development sites at attractive prices, particularly in our major market, London,’ said chief executive Mark Allan …