Unite Students, the owner, manager and developer of student accommodation, is disposing of a portfolio of 11 properties, comprising 4,488 beds for £306 million (Unite share: £236 million) to an affiliate of Lone Star Funds.
The disposal portfolio includes Devonshire Courtyard, The Forge, and The Forge 2 in Sheffield (1,700 beds), The Priory in Leeds (77 beds), as well as assets in Reading (703 beds), Leicester (665 beds), Bedford (517 beds), Liverpool (390 beds), Birmingham (337 beds), and Bristol (99 beds) and has nomination agreements covering 46% of beds on short-term contracts.
Completion will occur on 15 March on four of the properties in the portfolio for £51 million (Unite share: £11 million). The completion of the remaining properties will occur on 31 August 2022.
Richard Smith, Chief Executive of Unite Students, said: “We have now completed the disposal programme set out at the time of our acquisition of Liberty Living in 2019. These disposals have increased the focus of our portfolio in the strongest university cities and ensure our ability to sustain rental growth over a longer time horizon.
“Our balance sheet is also positioned for growth with the investment capacity to deliver our biggest ever secured development pipeline of £1 billion and pursue further opportunities to extend our best-in-class platform.”
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