The developer group Unite, who specialise in university and various student accommodations, has announced a five-fold increase in pre-tax profit to £227.3m for the first half of the year.
The company have said that this significant increase is largely due to gains made following the revaluation of their portfolio and an increase in their charged rental income. Unite’s revenue also saw a substantial increase by 145% to £141,8m- almost triple the revenue as seen this time last year.
Following on from these high reports, the company have announced that further planning had been secured on its Edinburgh and Coventry sites, which will certainly increase their profits further. In addition they have an exclusive deal for three development sites which will house 1,800 students.
The company have credited external factors for their success this year stating that the removal of the student number cap will lead to an additional 100,000 students attending university over the next few years, meaning a high demand for residence and ability for unite to secure more developmets and charge higher rent.
Mark Allan, chief executive of Unite Students stated: “Building on a period of consistent strong performance the Group remains well placed to deliver sustainable growth in the years ahead. Market conditions are supportive of rising demand, rents and capital values; our development pipeline and expertise positions us to add materially to both recurring earnings and NAV; our portfolio is focused on stronger Universities; and our highly scalable operating platform and strong brand leaves us well placed to extend our market leading position.”
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