Unite has announced the Estimated Net Asset Value ("NAV") of its Unite UK Student Accommodation Fund as at 30 September 2012 was £669.6m, an increase of 1.5% during the third quarter.
The fund, which comprises 21,349 beds in 59 properties across 20 UK towns and cities, was independently valued at £1,285m (before loans and other liabilities are factored in.
The Company reported the value of its assets held throughout the quarter had increased by 0.7% due to continued rental growth since 30 June 2012. Further growth in values of 0.4% was achieved through the refurbishment of one property during the quarter and the creation of an additional 69 beds at another.
Management said rental growth for the 2012/13 academic year, combined with asset management activities, had resulted in an increase in property values of 3.3% over the past 12 months, with valuation yields remaining stable at 6.67%.
The Company also disclosed that it was still taking bookings across the portfolio because of the disruption caused by the introduction of changes to Higher Education funding. It now expects final occupancy across the Fund's portfolio to be in the range of 95-96%.
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