Unite Group continue to make good progress in sales during Q2

Unite Group hailed its “good progress in sales” during the second quarter, noting decent demand from both domestic and international students.

The student accommodation manager said 90% of its rooms are now sold for the 2022/23 academic year, compared to 81% at this stage a year earlier. It is also ahead of the 89% at this stage ahead of the 2019/20 year, prior to the onset of the pandemic.

Unite added: “We have also seen positive progress in pricing, particularly in the second half of the sales cycle as concerns around the impact of the Omicron Covid-19 variant have eased. This progress has been driven by inflation-linked rental uplifts for our multi-year nomination agreements and the strength of demand for direct-let beds.

Given the strong sales performance to date, we are increasingly confident in delivering occupancy of 97% for the 2022/23 academic year and achieving rental growth at or just above the top end of our guidance of 3.0-3.5%.”

The company is mindful of the Covid-19 situation in China and the potential of tighter travel curbs for international students. At the moment, however, there are no Covid-19 restrictions in UK higher education.



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