Unite Students, the UK’s largest provider of purpose-built student accommodation (PBSA), has released interim results for the six months ended 30 June 2024. The figures show a positive start for the business in 2024, as they aim to expand their accommodation offering to students.
The company provides homes to 68,000 students across 151 properties in 23 leading university towns and cities and currently partners with over 60 universities across the UK.
“We have had a strong first half, with 14% growth in adjusted earnings underpinned by full occupancy, rental growth and substantial investment into our platform and portfolio.
“There is an acute and growing shortage of student homes, which is amplified by a shrinking private rental sector and depressed levels of new PBSA development. Unite has a crucial role to play in partnering with universities to deliver new supply of high-quality, affordable accommodation where the need is greatest, which also frees up local family homes in the process. Our development pipeline has grown to a record £1.5bn for delivery into the strongest university markets, including our first university joint venture with Newcastle University.
“We are uniquely positioned to secure further opportunities to support the growth of our university partners through our long standing and trusted relationships, in-house development capability and best-in-class operating platform.
“Our alignment to the UK’s strongest universities, alongside a growing range of attractive investment opportunities and a more supportive policy environment, puts us in a strong position to deliver continued long-term growth for shareholders.”
Joe Lister, Chief Executive, Unite Students
It comes as Unite Students has acquired a Zone 1 London site with full planning consent. The company purchased a development, on Borough High Street in Southwark, where it will build a 444-bed property for the 2027/28 academic year.
“We are delighted with the acquisition of Kings Place; a high-quality development in a central London location close to a range of London’s leading universities and Borough Underground Station.
“Unite Students is leading the purpose-built student accommodation sector and this new acquisition is an exciting development. The site benefits from full planning permission so allows us to start demolition soon resulting in a swift delivery for the 2027/28 academic year.
“We are trusted by parents, students and universities to provide high quality, safe and affordable accommodation that supports the entire university experience and are committed to delivering our record £1.5 billion development pipeline to meet this demand.”
Tom Brewerton, Group Development Director, Unite Students
