Student schemes sold in £133m deal

Unite Students, the owner, manager and developer of student accommodation, has sold a portfolio of eight properties, comprising 2,284 beds for £133m.

The disposal portfolio includes assets in Coventry, Wolverhampton, Birmingham, Exeter and Manchester.

Completion has now occurred for the disposal of seven of the eight properties in the portfolio for £120m. The disposal of one remaining property in Manchester for £13m is expected to complete in H2 2021.

Richard Smith, chief executive of Unite Students, said: “This disposal forms part of our target to dispose of £200-300 million of assets in 2021. The sale is consistent with our strategy of increasing our exposure to high and mid-ranked Universities where demand is strongest, while delivering operational efficiencies that contribute towards our target for an improvement in our EBIT margin to 74% by the end of 2023.”