Unite warns that drop in university places will mean rent hikes in halls

first_img by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastPeople TodayNewborn’s Strange Behavior Troubles Mom, 40 Years Later She Finds The Reason Behind ItPeople TodaySerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBrake For ItThe Most Worthless Cars Ever MadeBrake For ItBetterBe20 Stunning Female AthletesBetterBeElite HeraldExperts Discover Girl Born From Two Different SpeciesElite Heraldautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.com whatsapp Wednesday 2 March 2011 7:52 pm Read This NextRicky Schroder Calls Foo Fighters’ Dave Grohl ‘Ignorant Punk’ forThe WrapCNN’s Brian Stelter Draws Criticism for Asking Jen Psaki: ‘What Does theThe WrapDid Donald Trump Wear His Pants Backwards? Kriss Kross Memes Have AlreadyThe WrapPink Floyd’s Roger Waters Denies Zuckerberg’s Request to Use Song in Ad:The WrapHarvey Weinstein to Be Extradited to California to Face Sexual AssaultThe Wrap2 HFPA Members Resign Citing a Culture of ‘Corruption and Verbal Abuse’The Wrap’Black Widow’ First Reactions: ‘This Is Like the MCU’s Bond Movie’The Wrap’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe WrapKatt Williams Explains Why He Believes There ‘Is No Cancel Culture’ inThe Wrap Unite warns that drop in university places will mean rent hikes in halls whatsapp center_img STUDENT housing provider Unite Group said yesterday cuts to university places will mean tenant growth is likely to remain flat over the next five years, forcing the firm to raise rents to drive growth. Unite, which swung back into profit in 2010 with a pre-tax profit of £24.2m, said it expects rental growth of 3.1 per cent during the next academic year – around the same growth level as the current year. “We have a portfolio that is well positioned for continued rental growth, a well funded and attractive development pipeline that will add significantly to earnings in future years, financial capacity to add to this pipeline and carefully considered plans to grow the business further,” said Unite chairman Phil White. Unite has a London pipeline of 2,800 bed spaces due in 2012 and 2014, which is expected to add £69m to the net asset value of the firm’s property portfolio. Another four projects across the country are set to deliver 1,277 beds this summer.Unite reduced its debt in 2010 to £335m, down from £390m, mostly funded by a £146m sale of assets to USAF, an investment vehicle that is 20 per cent owned by the firm. The firm said it plans to reinstate its dividend during this year and continue to sell off non-core properties. Unite shares closed up 6.8 per cent at 209.4p yesterday. KCS-content Show Comments ▼ Tags: NULL Sharelast_img

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