Earnings soar at student accommodation firm as development pipelines reaches £1.3bn
Student accommodation firm Unite has delivered a strong set of results which saw earnings grow by 13 per cent to £184m.
The Bristol firm has recently agreed a £250m deal with Newcastle University and completed a £60m development for Nottingham University.
Chief executive Joe Lister: “This is a strong set of results, driven by full occupancy, rental growth and substantial investment into our platform and portfolio.
“Our pipeline of developments, asset management projects and our new university partnership present a substantial growth opportunity for the business.
“The supply-demand imbalance of student accommodation is acute and continues to intensify. We play a leading role in tackling this shortage, easing pressure on the wider housing market and freeing up homes for families. Our development and asset management pipeline stands at a record £1.3bn and we are taking an innovative approach to delivering more homes for students.
“University partnerships provide a compelling opportunity to deliver new, high-quality accommodation and our first joint venture with Newcastle University is only possible for a business of our reputation, scale and development expertise.
“We are trusted by students, parents and universities to deliver high-quality, safe and affordable accommodation where it is needed the most. Our strong leasing performance supports continued earnings growth in 2024 and we are confident that our all-inclusive offer, student support programmes and balanced approach to rental increases will continue to provide real value for money.”
Unite said it had full occupancy in 2023/24 and is already seeing strong demand for 2024/25.
The company said housing supply is unable to meet student demand and there is significant need for high-quality, affordable student homes.
There has also been a 100,000 reduction in HMO beds available and investment activity is aligned to the strongest universities.
