Unite Students sells six PBSA properties

Unite Students sells six purpose-built student accommodation properties in Aberdeen to Clearbell for £33m.

Aberdeen city centre and harbour. Unite Students has sold six properties in the city to Clearbell | PBSA News
Aberdeen city centre and harbour. Unite Students has sold six properties in the city to Clearbell.

Owner, manager and developer of student accommodation – Unite Students – has sold six purpose-built student accommodation (PBSA) properties in Aberdeen to Clearbell Property Partners III LP, a fund managed by Clearbell Capital LP for £33m (Unite’s share: £20m). In total, the schemes comprise 1,050 student beds.

The disposal is priced in line with prevailing book value, which reflects a passing NOI yield of 6.0% for the 2022/23 academic year. This sale sees the Group exit several smaller and less operationally efficient assets whilst retaining 911 beds across two properties near each other in Aberdeen.

“This disposal of six small and less operationally efficient assets further enhances our alignment to the strongest markets where demand is highest. The proceeds will be used to help enhance our existing portfolio and to deliver on our record £1bn secured development pipeline.”

Nick Hayes, Group Property Director, Unite Students

The Group has now completed the sale of a total £339m (Unite’s share: £256m) of properties in 2022, completing its planned disposal activity for the year.