Unite Group PLC on Monday announced the sale of six student accommodation properties around the UK to PGIM Real Estate Ltd.
The Bristol, England-based real estate investment trust is focused on university student accommodation. It said the properties sold are located in Birmingham, Cardiff, Leicester, Liverpool, Nottingham and Sheffield, and comprise 2,948 beds.
The six properties were sold by the Unite UK Students Accommodation Fund for a total of £184 million, with Unite Group’s share of this £76 million.
Unite said it sold them as part of its portfolio management strategy to increase alignment to high- and mid-ranked UK universities with the strongest outlook for student demand while also supporting sustainable rental growth.
Chief Executive Joe Lister said: ‘These disposals continue our disciplined approach of recycling capital for reinvestment and further increases our alignment to the strongest universities. The growth outlook for purpose-built student accommodation remains compelling and we are tracking a number of new investment opportunities at attractive returns.’
Unite shares were down 0.3% to 960.00 pence each in London on Monday morning.
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