Student accommodation provider Unite defied market gloom by revealing a rise in its net asset value for the last quarter.

In a statement to the Stock Exchange this morning, Unite said the NAV of its Unite Student Accommodation Fund had risen to £1.072 a unit at 30 September, an increase of 1.6% over the quarter and 13.4% over the year.

The fund’s portfolio was valued at £544.3m, a 2.5% increase over the quarter.

The company said the growth in value was mainly due to rental increases, but that there was also a six basis point reduction in the average stabilised yield of the portfolio, which now stands at 5.65%.

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