Unite Students, the owner, manager and developer of student accommodation, has sold six properties in Aberdeen for £33 million (Unite share: £20m) to Clearbell Property Partners, a fund managed by Clearbell Capital.
The disposal is priced in line with prevailing book value, which reflects a passing NOI yield of 6.0% for the 2022/23 academic year.
This disposal of the blocks, comprising 1,050 beds, sees the group exit several smaller and less operationally efficient assets whilst retaining 911 beds across two properties in close proximity to each other in Aberdeen.
The group has now completed the sale of a total £339 million (Unite share: £256 million) of properties in 2022, completing the group’s planned disposal activity for the year.
Nick Hayes, group property director of Unite Students, commented: “This disposal of six small and less operationally efficient assets further enhances our alignment to the strongest markets where demand is highest.
“The proceeds will be used to help enhance our existing portfolio and to deliver on our record £1 billion secured development pipeline.”