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Unite Students Extends LSAV JV With GIC By Ten Years
LONDON (dpa-AFX) - Student lodging owner and developer Unite Group Plc (UTG.L) announced Tuesday the extension of its joint venture with GIC - London Student Accommodation Joint Venture or LSAV - by ten years to September 2032.
The company also announced an agreement to settle its performance fee from the LSAV in cash during the fourth quarter.
LSAV was established in September 2012 with a ten-year term maturing in September 2022. The latest ten-year extension followed a successful partnership that has delivered strong development returns and growth in rental income.
Both Unite and GIC will retain a 50 percent equity stake in LSAV, which had net assets of 814 million pounds as of December 31, 2020. In this, Unite share was 407 million pounds.
12 April 2021 | 07:13am
StockMarketWire.com - Student accommodation provider Unite said the value of its two property funds had increased over the March quarter.
The Unite UK Student Accommodation Fund was independently valued at 31 March at £2.76 billion, reflecting a 0.5% increase on a like-for-like basis during the quarter.
The London Student Accommodation Joint Venture portfolio was independently valued at £1.34 billion, reflecting a 1.3% increase on a like-for-like basis.
Unite had seen a strong sales performance for 2021/22 reservations since its preliminary results on 16 March, reflecting increased confidence from UK and international students as lockdowns ease.
It added that 73% of rooms were now reserved for the 2021/22 academic year across its entire portfolio, with the deficit in sales to prior year continuing to narrow over recent weeks.
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Students mental health hit by Covid-19, but majority say university life has positive effect · 77% students struggled with mental health and wellbeing as a result of Covid-19, but 84% say engaging in university life has been positive for their mental health · Students biggest challenge this year is the lack of face-to-face teaching, practical experience or facilities · Traditional face-to-face university experience is key for students: 86% are keen to get onto university campus once it is safe to do so; 75% agree that living in university accommodation and being on campus is as important a part of the University experience as lectures and tutorials In a survey of 2,000 students, carried out for Unite Students by Yonder Data Solutions, university students say the two biggest struggles as a result of Covid-19 have been the lack of face-to-face teaching and practical experience (79%) and their mental h