LONDON (SHARECAST) - Student accommodation provider UNITE saw the estimated value of its UK Student Accommodation Fund edge higher in the final quarter of 2011.
The estimated net asset value (NAV) as at the end of 2011 was 85.7p per unit, up 1.8% on the value at the end of September, and 6.1% higher than at the end of 2011. The total return for the year including the payment of income distributions was 11.5%.
The improvement in the fourth quarter was driven by 0.6% of quarterly rental growth. UNITE's Chief Financial Officer, Joe Lister, ascribed this to "the on-going demand for good quality, well located student accommodation, supported by the strong occupancy level achieved for the 2011/12 academic year of 99%."
In the whole of 2011, the value of the property portfolio held by the fund increased by 3.4%. This was driven principally by rental growth as valuation yields remained unchanged at 6.67% throughout the year. The outlook for rental growth in 2012 remains in the 3%-4% range, the company said.
LONDON (SHARECAST) - Student accommodation provider UNITE saw the estimated value of its UK Student Accommodation Fund edge higher in the final quarter of 2011.
