Unite Group rounds off a strong year with 4 disposals
Unite Group, the student accomodation specialist, today announced the completion of it’s disposal programme of non-core assets, selling two units to JV’s the sale of North Lodge, Tottenham Hale (528 beds) to the London Student Accommodation Venture (LSAV), the 50:50 joint venture with GIC Real Estate, for £46 million and the sale of Kelvin Court, Glasgow (477 beds) to the USAF for £31 million. The prices achieved represent an average net initial yield of 6.5%.
Third party sales are New Carnegie Court, a 520 bed property in Aberdeen, where the leasehold interest in the property was sold to PRUPIM for £33 million, representing a net initial yield of 5.5%. The sale has been achieved following extensive work to restructure the underlying ownership and new 25 year lease granted to the University of Aberdeen.
The other third party sale is a 34 bed property on Camden Road, London which has been sold to Elite Property Group for £6 million and is the second asset they have purchased from Unite Group this year …