StockMarketWire.com - Student accommodation developer Unite said the value of both of its associated funds had risen during the third quarter.

At 30 September, the Unite UK Student Accommodation Fund's property portfolio was independently valued at £2.45bn, representing a like-for-like increase of 0.6% during the quarter.

The portfolio comprised 25,177 beds in 68 properties across 21 university towns and cities in the UK.

The London Student Accommodation Joint Ventures' investment portfolio was independently valued at £1.30bn, up 1.9% in the quarter on a like-for-like basis.

That fund's investment portfolio comprised 8,354 beds across 12 properties in London and Aston Student Village in Birmingham.

Unite Students said it had achieved a strong lettings performance across its whole portfolio, with 98% of bed spaces let. That supported annual rental growth of 3.0-to-3.5%, through a combination of value-driven price increases and improved utilisation.

'We have delivered another strong reservations performance for 2019/20 across our whole portfolio, demonstrating the continued demand for our rooms and services,' chief financial officer Joe Lister said.

'The performance is driven by our focus on long-term partnerships with high-quality universities and our investment in university towns and cities where demand for purpose-built student accommodation is strong.'



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