Unite Group lifted by UK student fund
UNITE Group, Britain’s biggest developer of student housing, said the net asset value of its flagship fund rose 4.1 per cent in the second quarter, bucking turbulent conditions in the broader property market.
The estimated net asset value (NAV) of the Unite UK Student Accommodation Fund at 30 June rose to 71.2p per unit versus 68.4p per unit at end-March.
The property portfolio was independently valued at £869m in line with the March valuation but continued rental growth in respect of the 2009/10 academic year resulted in a marginal 0.03 per cent increase in the underlying gross property values during the second quarter.
Unite’s chief financial officer Joe Lister said: “The fund’s strong relative performance in the second quarter of 2009 highlights the continued resilience of student accommodation compared to the broader real estate sector.” Unite said it continues to have 99 per cent occupancy across its student accommodation portfolio.