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Unite Students disposes of 13 student properties

StockMarketWire.com

Unite Students has exchanged contracts for the disposal of 13 properties, comprising 4175 beds to a Brookfield-managed fund for £295m, with its share being £102m.

The deal was expected to complete in Q2 2017.

"The disposal is part of Unite's strategy to provide the capital to fund further growth in its high-quality development pipeline which is focused on mid to high ranked University locations with the most secure long-term growth prospects," it said.

This was the first stage of Unite's plan to recycle about £150-£200m of assets (Unite share) during 2017 to take advantage of the ongoing strength in the investment market for well let student accommodation.

Proceeds would be used to fund Unite's recent 3100 bed on-campus acquisition at Aston University, with the remainder recycled into its development activity and further high-quality investment properties.





Story provided by StockMarketWire.com