USAF value soars, thanks to fundraising
The value of the Unite Student Accommodation Fund (USAF) rose by 17% in the first quarter, thanks largely to a recent fundraising.
USAF’s value climbed from £727.2 million on 31 December to £853.6 million on 31 March. Much of this was down to the £106 million of new capital the fund raised in March, half of which came via an increased investment from the Unite Group itself. But the underlying value of the fund also increased by 2.8%. The largest component of this was a 0.8% increase in property values.
Unite Group has a 22% stake in the fund, up from 16% before its recent investment. It also acts as its manager.
In a separate announcement Oasis Capital, a joint venture in which Unite owns a 25% stake, said it was selling its three London student properties in a £174 million deal …