Unite shares rise on student accommodation boom
Developer Unite sees no slowdown in the student accommodation market, thanks to a steady influx of foreign students into London. The news sent the company’s shares up 11.7p, or 7.7%, to 164.6p, making it the best performer on the FTSE 250 index. Unite has reinstated its dividend, at 0.5p for the first half.
The firm has won planning consent and funding for a 563 bed project in Camden, taking the number of beds secured in London with planning and funding to 1,904, and is in exclusive negotiations on sites that could deliver another 1,200 beds. First-half profits climbed by two-thirds to £7.2m, and the net asset value – a key performance measure at property companies – rose 5% to 310p …