Unite disposes of two assets for £100 million to USAF

September 25th 2019 - Posted by

The Unite Group plc, one of the UK’s leading owners, developers and managers of student accommodation, today announces the disposal of two assets for £100 million (Unite share £75 million) to the Unite UK Student Accommodation Fund (“USAF”), representing a net initial yield of 5.5%. The assets are located in Birmingham and Newcastle and comprise a total of 1,155 beds.

In addition, USAF announces the launch and pricing of £85 million of bonds issued under its existing debt funding platform, the 3.921% bond due June 2025. The new issue is being placed at a premium to par generating total proceeds to USAF of £95 million, reflecting an implied yield of 1.83%. The proceeds will be used to fund further growth in the fund.

Unite’s share of the new debt represents approximately 2% of the Group’s total borrowings, on a see-through basis, as at 30 June 2019. The issue supports a further marginal reduction in the Group’s cost of debt …

View original article

Singapore investors buys into £30m Edinburgh student housing development

September 21st 2019 - Posted by

A Singapore-based private equity firm is backing plans for a £30 million student housing development in Edinburgh in the latest sign of investor enthusiasm for the sector.

Q Investment Partners has bought the site of the proposed 198-bed opposite the former Meadowbank Stadium with UK development business HGD.

The two firms have formed a partnership that will look for other opportunities in the purpose built student accommodation (PBSA) market …

View original article

Apeiron sells Stratford student accommodation site: London

August 19th 2019 - Posted by

Apeiron Capital Limited (Apeiron) has sold its student accommodation asset, Poland House, in Stratford to a programmatic venture managed by Curlew Capital that is exclusive to clients of CBRE Global Investment Partners (CBRE GIP).

The sale price has not been disclosed.

The site, which was acquired by Apeiron in 2015, incorporates a 100-bed student housing asset and an adjoining vacant property (part of the former Three Mills East Filling Station) suitable for redevelopment. Demand for London student accommodation remains strong and the property has been let continuously at 100% year-on-year …

View original article

Unite acquires new development site in Nottingham

August 12th 2019 - Posted by

The Unite Group plc, one of the UK’s leading owners, managers and developers of student accommodation, announces that it has exchanged contracts to acquire a new 620-bed development site in Nottingham.

The direct let development, which is subject to planning consent, will open in time for the 2022/23 academic year. Total development costs are estimated to be £48 million, delivering a development yield in line with the Company’s stated targets.

Nottingham is home to two leading Universities and the development will increase Unite’s presence in the city, enabling it to deliver operational efficiencies. The new site will form part of the Company’s ongoing target of maintaining a development pipeline of c.2,000 beds a year and will be funded from internally generated sources …

View original article

“We instructed TigerLime to undertake a strategic review of our student accommodation and they produced a first rate and comprehensive operational analysis. I would not hesitate recommending them.”

Paul Hillier (Portfolio Manager) BP Investment Management