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    UTG   GB0006928617

THE UNITE GROUP PLC

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Unite : UK's Unite Group sells two London properties for 342 mln pounds

06/18/2021 | 02:44am EDT

June 18 (Reuters) - UK student housing provider Unite Group has sold two London properties to its joint venture with Singapore wealth fund GIC for 342 million pounds ($475 million), it said on Friday, in an effort to pay down debt.

Unite said the properties, located in Wembley and Whitechapel, have 1,358 bed spaces, the majority of which are direct-let to students.

The company said net proceeds from the sale will be used to repay group debt and reinvested in its development pipeline over time.

"The transaction means we have now delivered over 260 million pounds of disposals in the year to date on a Unite share basis," Unite Chief Executive Officer Richard Smith said in a statement.

The London Student Accommodation joint venture (LSAV) will fund the acquisition through 208 million pounds of equity from Unite and GIC, and a 140-million pound 8-year loan facility provided by investment fund Barings.

The two properties had a gross asset value of 338 million pounds as of December 31, 2020.

Unite will continue to manage and operate the properties under its management deal with LSAV, the company said. ($1 = 0.7195 pounds) (Reporting by Vishwadha Chander in Bengaluru; Editing by Shailesh Kuber)


ę Reuters 2021
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Financials
Sales 2021 195 M 272 M 272 M
Net income 2021 328 M 457 M 457 M
Net Debt 2021 1 655 M 2 302 M 2 302 M
P/E ratio 2021 11,9x
Yield 2021 1,83%
Capitalization 4 680 M 6 503 M 6 510 M
EV / Sales 2021 32,4x
EV / Sales 2022 25,3x
Nbr of Employees 1 952
Free-Float 99,7%
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Technical analysis trends THE UNITE GROUP PLC
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Mean consensus OUTPERFORM
Number of Analysts 10
Last Close Price 1 173,00 GBX
Average target price 1 151,10 GBX
Spread / Average Target -1,87%
EPS Revisions
Managers and Directors
Richard Sauvan Smith Chief Executive Officer & Executive Director
Joseph Julian Lister CFO, Executive Director & Managing Director-People
Richard Norman Legh Huntingford Chairman
Elizabeth McMeikan Senior Independent Non-Executive Director
Ross John Paterson Non-Executive Director
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