StockMarketWire.com - Today, Unite Students, the UK’s leading owner, manager, developer of student accommodation, has announced it will be selling transferring two London properties to its London Student Accommodation joint venture with GIC for £342 million.

The properties are located in Wembley and Whitechapel and include 1,358 bed spaces, the majority of which are for students.

Both properties had a gross asset value of 339 million as of 31 December 2020 and are values based on a net operating income of £14.2 million for the 2020/21 academic year.

Richard Smith, Unite Students Chief Executive, said: ‘The transaction means we have now delivered over £260 million of disposals in the year to date on a Unite share basis. This provides us with significant capacity to reinvest in our development pipeline, including opportunities in London.’

London Student Accommodation Joint Venture (LSAV) will fund the acquisition through £208 million of equity from Unite and GIC in addition to a £140 million 8-year loan arranged by Barings.


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