Student accommodation provider Unite Group has sold a portfolio of 11 properties to an affiliate of Lone Star Funds for £306 million (€368 million/$401 million).
The portfolio totals 4,488 beds across Sheffield (1,700 beds), Reading (703 beds), Leicester (665 beds), Bedford (517 beds), Liverpool (390 beds), Birmingham (337 beds), Bristol (99 beds) and Leeds (77 beds).
The disposal is aimed at increased alignment to high- and mid-ranked universities that deliver the greatest quality and value to students.
“These disposals have increased the focus of our portfolio in the strongest university cities and ensure our ability to sustain rental growth over a longer time horizon,” said Richard Smith, chief executive of Unite Students. “Our balance sheet is also positioned for growth, with the investment capacity to deliver our biggest ever secured development pipeline of £1 billion [€1.2 billion/$1.3 billion] and pursue further opportunities to extend our bes
