Unite Group PLC - Site acquisition & update on check-in performance
THE UNITE GROUP PLC
('Unite Students', 'Unite', the 'Group', or the 'Company')
ACQUISITION OF NEW
Unite Students, the
Acquisition of central
The Company has exchanged contracts to acquire a new 800-bed development site in Paddington, central
The scheme is targeted for delivery for the 2023/24 academic year, subject to planning approval, and will deliver a development yield in line with the Company's enhanced targets for University partnerships in central
The development will target a BREEAM Excellent rating and incorporate a range of design features to reduce its embodied and operational carbon, supporting the Company's transition to net zero development and operations.
The acquisition is Unite's second partnership with Travis Perkins following the successful delivery of
Update on 2020/21 check-ins
As previously disclosed, we have let 88% of bed spaces across the whole portfolio for the 2020/21 academic year (2019/20: 98%). Checked-in occupancy has increased to 80% (8 October: 70%), reflecting those students who have now checked-in to their accommodation and nomination agreements where Unite receives rent directly from Universities.
Customers making up the remaining 8% of occupancy are expected to check-in during January. Rental arrears for the first term are broadly in line with previous years.
Our check-in performance and rent collection to date for 2020/21 is expected to result in a reduction in rental income of up to 20% compared to 2019/20 (previously 10%-20%), excluding the impact of cancellations in 2019/20 due to Covid-19.
We retain our guidance for EPRA EPS of
"Our latest land acquisition means we have now secured c.
"We have continued to welcome students to our properties over the past month, reflecting the value they place on the learning, socialising and independence that University provides. We know from our recent student survey1 that the majority of students are committed to continuing their studies and returning to their current student accommodation in the New Year and we look forward to welcoming them back in January. For those students that want to stay over the Christmas period, we will be fully operational. We will continue doing all we can to help keep students and our staff safe throughout this challenging period."
1. 93% of students intend to remain at university and continue with their courses for the rest of this academic year and 85% said it was likely they would stay in their accommodation to do this (survey of 1,000
For further information, please contact:
Unite press office Tel: +44 7754 749 301
About Unite Students
Unite Students is the
Our people are driven by a common purpose: to provide a 'Home for Success' for the students who live with us. Unite's accommodation is safe and secure, high quality and affordable. Students live predominantly in ensuite study bedrooms, with rents covering all bills, insurance, 24-hour security and high-speed Wi-Fi. We also hold a five-star British Safety Council audit rating.
Founded in 1991 in
For more information, visit:
Unite's corporate website www.unite-group.co.uk
The student site www.unite-students.com
Quick facts: Unite Group
Market Cap: -
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