Unite to accelerate development drive
Unite, the quoted developer of student accommodation, is to redeem a bond backed by £520m of assets. Financial Times. The Times
This will trigger a transfer of £200m of properties into its UK fund, sell about £100m of properties into the open market and plough £150m into development and refurbishments.
Unite Group’s adjusted net asset value rose 8.3% to 460p in the first half to 30 June as it began to see the fruits of asset management activities.
It said 53% of its growth in the period came from development activities and the remainder from the increased value of its investment portfolio.