Unite 99% sold for year

16th Nov 2011 07:07

Student accommodation manager Unite Group enjoyed a very strong sales performance for 2011/12 with 99% of rooms sold compared to 97% for the year before. Bristol based Unite said like-for-like net operating income grew 3.1% from 1 July 2011 to 15 November 2011 and recurring profit for the full year is likely to beat management expectations. It is on track for letting of its 2011 openings and 2012-14 development pipeline progressing in line with plan. The group also said it is making good progress with its programme of selective asset disposals and it is confident of reaching a target of £100m to £150m of disposals by end of 2012. Chief executive Mark Allan said, "We have continued to make good progress in line with our strategy and have seen excellent performance through the third quarter, in terms of reservation levels, customer service and financial performance." Unite said it is making progress in arranging new debt facilities, with £145m of facilities arranged or extended in the group's co-investment vehicles and £100m on-balance sheet debt arranged or approved. The group said it believes a cautious approach to investment and managing debt is prudent in the near term.