Unite Group: UK Student Accommodation Fund NAV +2.6% To GBP0.798

8th Jul 2010 09:05

LONDON (Dow Jones)--Unite Group PLC (UTG.LN), a U.K. developer and manager of student accommodation, said Thursday the estimated net asset value of the Unite U.K. Student Accommodation Fund as at June 30, was GBP0.798 per unit, an increase of 2.6% during the second quarter of 2010 compared with GBP0.778 per unit at March 31. MAIN FACTS: -In arriving at the value of the Fund's units, its property portfolio was independently valued at GBP1.044 billion, a 2% increase compared with March 31, driven by an average yield compression of four basis points and 1.4% quarterly rental growth. -Further rental growth will be recognized in the next quarterly valuations as reservations for the forthcoming academic year progress. -Average yield of the Fund's portfolio stands at 6.71%. -Shares at 0800 GMT up 1.3 pence, or 0.8%, at 171.8 pence valuing the company at GBP275.34 million . -By Ian Walker, Dow Jones Newswires; 44-20-7842-9296; [email protected] (END) Dow Jones Newswires July 08, 2010 04:05 ET (08:05 GMT)