Unite Students, the owner, manager and developer of student accommodation, is selling six properties to PGIM Real Estate for £184m, of which Unite’s share will be £76m.
The properties, comprising 2,948 beds, are located in Birmingham, Cardiff, Leicester, Liverpool, Nottingham and Sheffield.
The disposal is part of the Group’s portfolio management strategy to increase alignment to high and mid-ranked universities which have the strongest outlook for student demand and support sustainable rental growth.
In Leicester the 219-bed The Grange has been sold, while in Nottingham the 808-bed St Peter’s Court has been sold.
Joe Lister, Unite Students Chief Executive, said: “These disposals continue our disciplined approach of recycling capital for reinvestment and further increases our alignment to the strongest universities.
“The growth outlook for purpose-built student accommodation remains compelling and we are tracking a number of new investment opportunities at attractive returns.”
