LONDON (dpa-AFX) - Unite Group plc (UTG.L), on Friday, said is disposed two London properties to its London Student Accommodation joint venture or LSAV with GIC for £342 million, in line with book values and reflecting an average net initial yield of 4.0%.
The properties are located in Wembley and Whitechapel and offer 1,358 bed spaces, of which the majority are direct-let to students. The two properties had a gross asset value of £338 million as at 31 December 2020 and are valued based on stabilised net operating income of £14.2 million for the 2020/21 academic year.
The company further noted that LSAV would fund the acquisition through £208 million of equity from Unite and GIC and a £140 million 8-year loan facility provided by Barings.
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