UNITE Sells UK Student Housing
UNITE, a UK developer and manager of student accommodation, has sold two noncore student housing properties in London.
“The completion of these sales marks further good progress in our disposal programme of noncore assets and enables us to recycle our capital to support our focus on our London development pipeline,” says Richard Simpson, managing director of property at UNITE.
UNITE sold Orient House, a 158-bed property at Imperial Wharf, west London, to Imperial College London. The £20.6 million (€26 million) sale price reflects a net initial yield of 5.6 percent. The property, which is a significant distance from UNITE’s other London properties, was sold on behalf of UNITE Capital Cities, the firm’s joint venture with GIC Real Estate.