Unite Students, Unite Group (LON:UTG), one of the UK’s leading owners, managers and developers of student accommodation, today announced the disposal of two wholly owned properties in Coventry, comprising 1,127 beds for £96 million. The properties are being sold to Mapletree Investments Pte Ltd and have both now exchanged and completed. The purchase price is in line with book value.
The portfolio comprises two assets in Coventry; Callice Court and Millennium View, which offer 736 and 391 beds respectively.
The transaction is in line with Unite’s stated strategy of recycling capital through disposals to re-invest into its development pipeline. Unite retains a presence in the city through its Gosford Gate and Raglan House properties, both of which benefit from nominations agreements, demonstrating the strength of Unite’s local university relationships.
Richard Smith, Chief Executive of Unite Students commented:
“This transaction takes Unite Group’s share of disposals in the year to date to £250 million and supports our ongoing strategy of recycling assets to enhance our portfolio quality and maintain financial discipline. We intend to dispose of approximately £150-200 million of assets per annum over the next three years.”